Make your payments on time and pay as much extra on the principle. That will drop your interest as well. On most payment plans, you are paying the interest first and nothing on the principle. Put as much as you can into it and get it paid off quicker and cheaper.
The listing of payments that shows prinicipal and interest is an amortization table.
A lower interest rate is better for obtaining a loan because it means you will pay less in interest over the life of the loan.
A+ Simple Interest
It is generally better to pay off a home equity loan first because it typically has a higher interest rate than a mortgage. By paying off the higher interest debt first, you can save money in the long run.
Always pay off the higher interest loan first, then take whatever payments that you WERE making on that loan and add it to the NEXT higher interest loan and continue the process.
In general, a low interest loan is better than a high interest loan. The only time this may differ is if you are getting a variable rate loan, which may become lower than a higher fixed rate loan over time. However, this can be hard to predict, so it is always better to go with the low interest rate.
compound
When making loan payments, it is generally better to prioritize paying off the interest first, as this reduces the overall amount you owe and can save you money in the long run.
When making a loan payment, it is generally better to prioritize paying off the interest first, as this reduces the overall amount you owe and can save you money in the long run. Once the interest is paid off, you can focus on paying down the principal amount of the loan.
It depends on how long you need the loan for and how long it would take for you to complete the payment. But in general a low interest long term loan means a higher interest payment over the life of the loan where as a high interest short term loan means less amount of interest payment over the life of the loan.
compound
From the first disbursement of the loan