Does this statement mean that I'm not knocking down any interest by paying off sooner?

"Any additional payment amount will be applied to the next monthly payment. If the account is paid ahead 3 payments, any additional funds will be applied to the principal balance."

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HannahSky · F

You're essentially paying off the balance sooner, which is good and ultimately less interest paid.

iamnikki · 31-35, F

@HannahSky yes, I do want to pay it off sooner. So paying the interest cannot be avoided? Only way I can avoid that is by paying it off today right?

HannahSky · F

@iamnikki you should have a payoff balance. If you want to pay it off today, there should be a payoff balance showing somewhere.

iamnikki · 31-35, F

@HannahSky Right, I was asking about avoiding interest...is paying off in full the only way? I think it is.

HannahSky · F

@iamnikki sooner you pay, sooner you'll stop interest accruing.