Making principal-only payments on student loans (either monthly or just occasionally) can help speed up the payback time and lower your overall borrowing costs. But just making extra payments on your ...

Many people aspire to own homes, and a mortgage is one of the best ways to do it. If you recently got a mortgage or want to learn more about how this financial product works, it’s important to know ...

Principal is the amount you borrowed, and interest is the amount you pay to the lender as a charge for borrowing. To calculate interest, multiply the principal amount by the interest rate, then ...

Mortgage recasting lets you reduce your mortgage payments and total interest by paying a lump sum toward your loan principal. When you recast a mortgage, your interest rate and loan term stay the same ...

Curtailment means to cut short. In the case of mortgage curtailment, it most commonly means you cut short your mortgage terms by paying off the mortgage in full. However, that's not always the case.

- The average monthly payment (principal, interest, taxes and insurance, or PITI) among active mortgages hit a record $2,070 in August; up $140 (+7.2%) from last year and $399 (+19.3%) since the start ...

Dear Stephanie: Sure! Let’s say you have these loan terms: $150,000 principal at 6% interest for 15 years. Your monthly payments are $1,265.78. You are about to make your first monthly payment. If you ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. ljubaphoto/Getty Images Borrowers ...