My last car loan was like 19 years ago... so bear with me here. I noticed that the actual interest charged each month and therefore the amount allocated to the principal - is different.
Pmt $ 256.05 mo, interest - 3.49% for 48 mo
Payments are due on the 17th of every month
Date posted
Sep 1, 2017 - Prinicipal $240.73 $15.32
Oct 3, 2017 - 221.73 34.32
Nov 3, 2017 223.46 32.59
Nov 30, 2017 228.25 27.80
Dec 28, 2017 227.82 28.23
Jan 24, 2018 229.42 26.63
What I am really wondering is - if there is an advantage in paying each monthly payment early? Say on the 18th or 19th, since it is always due on the 17th?
It looks to me like I could save a little interest each month, but maybe this is not how it works?
In general, I like automatic payments, but I don't want to give Chase permission to withdraw from my account, so I schedule it myself usually well ahead of time. I thought I saw somewhere that they are charging me 99 cents in interest every day - so maybe I could save a few bucks a month by paying earlier?
Note: I don't intend to make an effort to pay this car off or make double payments, it's a long story and mucked up by helping out family. All I want to do for now is to diligently pay it off and hope somewhere along the line someone else will step in and pay it off.
So - all you smart mustachians what is the answer to my nitty-gritty question?
Any other input that might prove helpful is gratefully accepted - TIA!