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500,000 loans, principal or equivalent amount of principal and interest?
Equivalent principal, the overall interest is low, the initial repayment pressure; equivalent principal and interest, the overall interest is higher, a monthly repayment fixed.
Currently, there are two ways for the repayment of mortgages by banks. Equal principal and matching principal and interest. In order to more intuitive comparison we use the equivalent principal repayment and the equivalent principal and interest repayment methods difference.
We use a set of data to compare. Housing total price of 1 million, 30% down payment 30 million, 70000000 loan 70% mortgages interest rate 4.9, the loan period of 20 years, a total repayment of 240 months.
Amount of principal and interest equal to the monthly repayment amount Fixed: Monthly repayment: 4581.11 Total repayment: 1099466 Total interest: 399466
Equivalent principal monthly repayment amount is not fixed: the first repayment of 5775, the second repayment of 5763, 101 repayments: 4584.03 calculated in order to repay the 240th month 2928.58 Total Repayment: 1044429.17 Total Interest: 344429.17
Comparison of the two repayment methods, matching the repayment of principal amount of money in the first 101 months than the equivalent amount of principal and interest repayments high. In theory, each month than the amount of principal and interest repayments high. However, after 101 months have passed, the monthly repayment amount will be less than the equivalent principal and interest. And the interest of the equivalent principal is less than 40,000 less than the interest of the equivalent principal and interest. An average of 240 months is about 200 yuan.
Generally speaking, under the same loan amount. Equal principal and equal principal and interest repayment, the longer the repayment period is not large. At the same time, it also depends on the individual's financial situation at the time of choosing a loan. If the economic situation is limited, the choice of matching principal and interest can appropriately alleviate the monthly repayment pressure. If the economy is in good condition, the choice of equal principal repayment method is also good, the first is less and less, the more the latter part of the repayment pressure less. And you can save a mortgage interest.
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