Know Where You Stand With Your Loan – Wells Fargo

Although you make regular payments on your mortgage, home fairness, scholar loan, personal loan, and/or car loans, it may be difficult to track your progress on paying down this debt, particularly if you ’ rhenium juggle multiple loans at one time. fortunately, there are bare ways to determine how large of a indent you ’ ve made – and how you can make it even bigger.

Understand your statement

Whether you receive paper or on-line statements, most loan providers will give you these specific pieces of data on each statement :

  • Original principal amount: How much you originally borrowed from your lender
  • Current interest rate: The rate that is paid by you, to the lender, to borrow the money
  • Current balance: The amount you currently owe
  • Fees assessed: Fees you have been charged for late or insufficient payments, collections or additional services
  • Annual percentage rate (APR): The yearly percentage rate expressing the total finance charge on a loan over its entire term. The APR includes the interest rate, fees, and other financing costs, and is therefore a more complete measure of a loan’s cost than the interest rate alone.
  • Total paid: How much of the principal and how much interest you have paid over a period of time, typically year-to-date
  • Total of payments: How much it would cost to pay off your loan by the end of loan term. This assumes that you make each monthly payment as agreed – no more and no less until the end of the loan.
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Pay extra principal when possible to pay down your debt faster

By comparing the measure you presently owe to the sum you in the first place borrowed, you can get a good idea of how much advance you ’ ve made on your loanword. Your statement besides shows how much in principal you ’ re paying from time period to period. If you can add a little more to your monthly payment to go towards principal, you will decrease the full price of your lend and pay it off faster.


even if you ’ ve paid a little extra in the past, make sure to pay your bills on time .

Empower yourself with fiscal cognition

We ’ ra committed to helping with your fiscal success. here you ’ ll find a across-the-board rate of helpful information, synergistic tools, practical strategies, and more — all designed to help you increase your fiscal literacy and reach your fiscal goals. My Financial Guide

Products to Consider

Knowing where you stand with all of your loans will help you formulate a repayment design that will get you the most from your money. To find ways to pay your debts faster, look for ways to track your outgo and pay down debt

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