Hello, I'm not good at math and finance so was hoping someone here could help me. Last year I took out a $4000 3-year loan. I've been adding a few extra hundred every month with my $136 payment so I can pay it off early and save some interest. Would doing it this way save me some interest or is the total interest figured into the loan and no matter how early I pay it off I"ll still owe the same amount of interest? Am I better off just paying the $136 monthly since paying more won't make a difference? I ask because I notice "amount paid to date" and the "sum of remaining payments" always add up to $4900, even after I sent in an extra $400 this month. Shouldn't this total decrease if I pay more than extra every month?
yes, I notice when I add the "payoff amount" to the "amount paid" it does come out to a lot less, around $4300, as opposed to $4900. But still when I add the "remaining payments" to the "amount paid" it comes out to $4900. Confusing
