As of today, I've paid off 20% of my student loans!
And because of the way amortization works, time-wise I'm much beyond 20% done! In fact, a quick check of an amortization calculator shows that I'm....over 22% done!
Briefly: When you pay down a debt, you pay the same amount each month until you're done. At the beginning, there's a lot of interest generated each month, because your principal is high, so your payment goes mostly to interest and only a little bit toward principal. Toward the end, your principal is much lower, so there's not much interest generated each month, so most of your payment goes toward actually paying down the principal.
I know, still doesn't make that much sense. You have to stare at it awhile.
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I know, still doesn't make that much sense. You have to stare at it awhile.