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Your monthly payment consists of principal (the amount borrowed) and interest (the cost of borrowing).

Early in the loan term, more of your payment goes toward interest. As time progresses, more goes toward principal.

Making extra payments toward the principal can significantly reduce the total interest paid over the life of the loan.

• Shop around: Compare rates from multiple lenders

• Improve credit score: Higher scores get better rates

• Larger down payment: Reduces loan amount and monthly payments

• Shorter term: Higher monthly payments but less total interest

• Extra payments: Pay toward principal to save on interest