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Old 10-07-2013, 01:10 PM   #11
DirtyD
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Join Date: Jun 2012
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Originally Posted by garner View Post
That's what the loan officer told us when we went to turn in the promissory note. Said any extra on top of the requirement payment would pay down interest
He must be an idiot. Your monthly payment factors in paying off both interest and principle each term. Any extra payment made AFTER your monthly payment pays strictly to principle, which is why you can pay extra and pay off a loan early.
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