I have a student loan that I want to pay off over next five years. It is set up on monthly payments currently. I currently pay $100 extra every monthly top of my payment. I want to add another $150 on top of that. Ok, here's the question:
When is the best time during the monthly period to be paying these extra payments? Isn't there a certain time in relation to your normal payment that would benefit you the most as far as accrued interest goes and getting the most "bang for your buck" as far as paying more towards principal?
My payment is $545 and I pay $645 on the 13th of the month. When do I make the extra $150 payment and should I put the extra $100 I've been paying with it or leave it on top of the 545?
I also pay between 5 and 10k at end of year as well.
Any opinions?
When is the best time during the monthly period to be paying these extra payments? Isn't there a certain time in relation to your normal payment that would benefit you the most as far as accrued interest goes and getting the most "bang for your buck" as far as paying more towards principal?
My payment is $545 and I pay $645 on the 13th of the month. When do I make the extra $150 payment and should I put the extra $100 I've been paying with it or leave it on top of the 545?
I also pay between 5 and 10k at end of year as well.
Any opinions?
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