Why would I want to make prepayments?

Updated March 13, 2023.

By making prepayments, you will finish paying the loan quicker and in this way you will owe less interest over the life of the loan. However, it is important to understand that making prepayments does not reduce your monthly payment throughout the life of the loan, nor does it relieve you of the obligation to make the regular monthly payment as is required by the loan.


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