I have two loans right now:
$72k Balance - Minimum of ~$500/month payments
$30k Balance -Minimum of ~$350/month payments
The part that is confusing me is how much of my money is going purely towards interest. For instance my $72k loan has $400 of my $500/month payments going straight into interest. Meaning if I keep on the track of minimum payments, it would take me nearly 66 years to pay off just that one loan. Will the proportion of my payments towards interest eventually go down? Would it be wiser to spend more each month on loan payments? Will this 1098e help me out a bit? Any advice would be greatly appreciated!
Edit: Also, would it be smarter to try to pay off one loan before the other?
Another Edit: I get paid weekly also, should I start making bi-weekly payments instead of monthly?