What happens if I pay an extra $500 a month on my principal?

I'm curious, if I were to make an additional $500 payment towards the principal of my loan each month, how would that impact my overall debt repayment? Would it significantly reduce the amount of interest I pay over the life of the loan? Could I potentially pay off my loan sooner than expected? I'm interested in understanding the financial benefits of making extra payments towards the principal, and how it can help me achieve my financial goals faster.