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What are principal and interest (P&I) repayments?
When you make a principal and interest (P&I) repayment, your repayment goes towards paying off your loan (otherwise known as the principal) as well as the interest on your loan.
P&I repayments are calculated so you won’t have an outstanding loan balance at the end of your loan term. Your P&I repayments are scheduled on the same day of the month as your first repayment, provided you haven’t changed the repayment date and/or frequency since then.
