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July 19, 2010
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Stacy
that’s not usually how it works. if you pay 1k now, some part of that will cover the interest due on the current loan balance, the rest will be credited to principal.
interest pre-calcs and payoff schedules generated at the time of the loan are only approximations. paying early or extra will save you interest charges.
check your loan agreement for info about early or accelerated payoff.
Comment by wg0z — July 22, 2010 @ 5:47 am