When you have a loan or mortgage, you're paying interest on top of the amount you borrowed. Making extra payments toward the principal—the original amount you owe—can reduce how much interest you pay overall and help you become debt-free sooner. This category covers how principal payments work, when they make sense for your situation, and different strategies for paying down debt faster.
The articles here answer questions like: What's the difference between paying extra toward principal versus making regular payments? How do you direct extra money toward principal instead of interest? What happens to your timeline and total cost when you pay more? And how do you decide if paying off debt faster fits your other financial goals?