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Making manual entries or selecting payments types affect the way your payment is applied to the loan.
A Scheduled Payment advances the due date, collects all outstanding fees, collects interest and applies the balance to principal.
An Extra Payment, is treated like a "scheduled payment," in that it collects all outstanding fees, then interest, and then applies the balance to principal. An Extra Payment does not advance the due date.
A "Principal Payment / Adjustment" applies 100% of the payment to the principal balance and the loan continues to accrue interest on the reduced principal and fees on the contract.
A Scheduled Payment advances the due date, collects all outstanding fees, collects interest and applies the balance to principal.
An Extra Payment, is treated like a "scheduled payment," in that it collects all outstanding fees, then interest, and then applies the balance to principal. An Extra Payment does not advance the due date.
A "Principal Payment / Adjustment" applies 100% of the payment to the principal balance and the loan continues to accrue interest on the reduced principal and fees on the contract.