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Can the loan repayments be reduced if we make a large lump sum payment?

April 26, 2017large loan lump payment reduced repayments

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Can the loan repayments be reduced if we make a large lump sum payment?

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That depends on whether your loan has interest only or principal and interest repayments. Interest only repayments go down should you significantly reduce the balance of your loan. The principal and interest repayments stay the same no matter how much extra you put in. Those extra payments simply shorten the term of your loan.