Extra principal can reduce interest and the payoff period when correctly applied under your loan terms. Check prepayment penalties, liquidity needs, taxes and other debts before choosing an amount.
Strategy
The real impact of making extra principal payments
Even $100/month extra can save tens of thousands. Here's the math.
By Lighthouse Companies, LLC · Updated · 2 min readLighthouse provides educational information, not a personal loan quote, lending decision, or legal or financial advice. Verify the figures against your documents and ask your lender, servicer, or a qualified professional about your circumstances.