Learn · Looking ahead

Loans and paying off faster

Money you borrowed and pay back over time, plus interest.

Where you see it

The payoff date on each loan and card, with a slider that shows what paying a bit more does.

What it means

Each loan payment covers that month's interest first, and the rest brings down what you owe. Early on, more of each payment goes to interest. Anything extra you pay goes straight to what you owe, so the loan ends sooner and costs less overall. The payoff chart on Debts shows how much sooner.

Why it matters

Even a small extra payment each month can cut months off a loan and save real money.

What to do

See your debts in WealthyJack.

Banks call this amortization, and the amount you borrowed the principal.