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A loan payment consists of two components Learn more about principal payments. Paying principal only means making an additional payment directed towards reducing a loan's outstanding principal balance, beyond the regular scheduled amount

This accelerates the reduction of the original amount borrowed, rather than just covering the cost of borrowing For example, say you have a $400,000 mortgage with a 6% interest rate and $2,398.20 monthly payments. Understanding this distinction helps manage debt.

When you get a loan, your monthly payments primarily consist of principal and interest

As a general rule, making extra payments just toward the principal balance can help you pay off a loan faster and reduce the overall cost of the loan Do large principal payments reduce monthly payments Paying extra on the principal won't lower your monthly car. Since the amount of interest you pay is based on the principal, your interest charges are smaller when you reduce your principal.

Doing so can help you pay off the loan early and save you money overall

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