Sometimes the monthly payment amount represents only principal, and your actual monthly payment will be the stated amount plus interest or the stated amount plus interest plus a tax escrow. You will have to pay whatever amount is still outstanding on the maturity date. Beware that if there is more than one borrower, each borrower is typically responsible for all of the debt. The promissory note usually also describes defaults and remedies. The most obvious default of a loan is the borrower's failure to make a payment when due.
Remedies are the rights that one party to an agreement has if the other party defaults.
A late fee is the most common remedy that a bank has if a borrower fails to make a payment on time. Make sure you know when a payment will be deemed late. You should also verify whether you'll be penalized for paying the loan early. If you think you are likely to pay all or portions of the loan before the respective due dates, you should verify whether your bank offers any alternative terms that do not have a prepayment penalty. Work with an experienced lawyer in your state.