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How does my loan balance affect the interest I pay? 

Interest is calculated based on your current principal balance, which is the amount you still owe on your loan. As your principal balance decreases, the amount of interest that accrues also decreases. 

Early in the loan, more of each payment goes toward interest. Over time, more of each payment goes toward reducing your principal. 

Paying down your loan faster  
You have the option to make a principal-only payment, which goes directly toward your loan balance instead of covering interest first. This can help reduce the total interest you pay over time. To make a principal-only payment, contact our team: