But the composition of that payment will change: You’ll pay less toward interest and more toward your principal as time passes. That’s a natural result of you chipping away at your principal ...

During this time, you'd pay a total of $7,286 in interest, bringing the total amount of all your payments to $13,480. Keep in mind, your original (principal) balance was $6,194, so that means you ...

those principal payments will begin to add up. So, each time your outstanding principal is multiplied by the interest rate on your loan, your interest payment will decline a bit. Since you're ...