Increase Your Monthly Payment
If you're trying to pay down some debt, you might be wondering what the impact would be if you simply increased your monthly payment each month by just a little, or even a lot. When you increase your monthly payment, the amount of the increase gets applied directly to reducing the amount owed, or principle. Reducing the amount of money you owe will reduce your interest charges each month, as the interest rate will be applied only to the outstanding loan balance. An increase in your monthly payment will lessen the amount of interest charges you will pay over the repayment period and shorten the number of months it will take to pay off the loan.
NOTICE: ANB Bank is not responsible for nor has control over the content of any linked site. The inclusion of a link does not imply or constitute an endorsement by ANB Bank, its ownership or management, the products or services it offers, or any advertisers or sponsors appearing on the linked site.