One thought on “How Do Payments Change Over The Life Of A Loan?

  1. Arti says:

    If you move forward with an application, the lender will do a hard credit check to review your credit history. Before you can take out a loan, secured on unsecured, you first have to apply. This is easiest to see in 15 or 30-year loans that shift gradually over a longer time period. As the principal due on the loan gets smaller with each payment, less interest accrues. Financial institutions and lenders will do a soft credit pull first to confirm you meet the minimum requirements to apply. This means that over time you will see less and less of your monthly payment going to interest payments, and more to the principal still due.

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