Why is it a good idea to pay more than the monthly amount due on an amortized loan?

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asked Oct 10, 2022 7.9k views

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DextrousDave · Answer 1 · 2022-10-15T16:17:06+0000

well, if it has interest, the longer you pay the loan out for, the more interest you pay. paying it off as fast as possible saves money through interest, so therefore spending more a month saves more over a longer period of time

Why is it a good idea to pay more than the monthly amount due on an amortized loan?

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