Increase Your Monthly Payment

Debt

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.

Related Content

Article

Financial Quiz

Financial Calculator

Poll

Ameris Bank does not provide, and is not responsible for, the product, service, or overall website content available on this website. Ameris Bank’s privacy policies do not apply to this website and a viewer should consult the Terms of Use on this website for further information.