Know Your True Cost - See how much extra you're paying in interest
| Year | Principal Paid | Interest Paid | Remaining Balance |
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| Payment # | Payment Amount | Principal | Interest | Remaining Balance |
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Interest is the cost of borrowing money. It's how lenders make profit from loans. The interest rate determines how much extra you'll pay beyond the principal amount.
Making extra payments, choosing a shorter loan term, or refinancing at a lower rate can significantly reduce the total interest you pay over the life of the loan.
Longer loan terms mean smaller monthly payments but significantly more interest paid over time. Shorter terms save money but require higher monthly payments.