Loan Amortization Table

No. Extra payments reduce principal faster and demonstrate financial responsibility. Your credit score may improve as debt-to-income ratio improves.

Most mortgages and auto loans allow extra payments without penalty, but check your loan agreement. Some car leases or older mortgages may have prepayment penalties.

Yes. On a $200k mortgage at 6.5%, an extra $50/month saves ~$20k in interest over 30 years.