What Is The Impact Of Making Extra Payments On My Debt?

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments.
Loan Information
Original loan balance ($)  
Annual percentage rate: (%)  
Initial term in months: (30yrs=360)  
Number of payments already made  
Proposed additional monthly payment ($)  
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