Jemmiekins asked:
I mean, all the loans I’ve looked at are set payments each month…
I mean, all the loans I’ve looked at are set payments each month…
Are there any loans where you can pay back a minimum set amount, but maybe more if I can afford it to help get rid of the loan quicker?
If so what are they called?
Thanks in advance!
Personal banking loan
Most home loans allow you to pay on the principle in addition to your regular payment. Ask your loan officer.
You can make extra principal payments on any loan. Just make a note of it on the check. Be sure to check to see if your loan has a pre-payment penalty for paying it off early.
Most loans are automatically set up that way-the excess over your monthly payment goes to the loan principal, reducing the interest paid and number of payments to pay it off.