Does paying extra really reduce interest?

Yes. Every extra dollar you pay goes directly to the Principal (provided you are current on payments). This reduces the balance on which future interest is calculated.

What is the best way to pay off a mortgage early?

Consistency is key. Setting up an automatic extra payment (even small) is often more effective than sporadic large payments. The 'Bi-Weekly' method is also popular in the US.

Can I pay off my car loan early without penalty?

Most major US auto lenders do not charge prepayment penalties, but 'Buy Here Pay Here' lots might. Always check your loan agreement for a 'Prepayment Penalty' clause.

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