Buying A Home? Choosing Loan Rates & If You Should Pay Down Your Loans Early | Money Mind | Property
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- Опубліковано 25 лип 2024
- How to save money on your mortgage in a time of interest rate uncertainty. Should you pay off your loan, or use the money to invest?
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When you take out a loan, such as a $1 million loan for 30 years with a 4% interest rate, the way your payments are structured means that you pay more interest at the beginning of the loan term.
A breakdown of the interest paid every 5 years the above said loan:
First 5 years: $190,924.31
Next 5 years: $169,813.64
Following 5 years: $144,037.58
Next 5 years: $112,565.10
Following 5 years: $74,137.32
Final 5 years: $27,217.12
For a $1M loan, you'll have to fork out averagely $38k a year in interest for the first 5 years.
I thinI the problem is the cost of the house and not the interest 😂
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Legit question. If I financed my house using CPF and mortgage loan, and I have excess cash and wish to make an early settlement, should I pay down my loan from CPF or bank loan?
Food for thought:
-u may able save accrued interest if opt for cpf loan repayment
- but need to weigh against how much interest rate % u r paying for ur current mortgage bank loan😢
- Personally i will pay back mortgage loan since now bank interest rate so high or i'll save the excess cash elsewhere as emergencies funds. Have to do some financial forecast 1st to confirm the funds are indeed 'excess'. Need to consider other financial committment (insurance/medical bills/children tution fees/parents pocket $/maid exp/ holiday exp /credit card exp/car loan etc😅) All need money!
Pay down the one incurring higher interest cost.
Loans should be repaid at the earliest opportunity to avoid interest.
This is the best advice here - and free! I concur 100%.
Montage the lowest amount possible, pay back as fast as you can, decrease your dependencies and working your arxe off for a bank. Don't listen to any mortgage masters or property gurus.
Do you trust your agent's valuation? Ever wondered about your neighbor's selling price? #Ohmyhome
S'pore has a home ownership of more than 90%, one of the highest in the world. It's so obvious that PAP is the only party in s'pore that has the capability to help create quality jobs with quality wages to make the people in s'pore so rich. That's a fantastic PAP! ❤❤
Yes! Ownself check ownself is a virtue! Yeah!
Maybe before you ate out, your mum's cooking tasted best.
she looks scary.
Vote WP next time. WP will take care of SG more than PAP.
WP is voted and they are in parliament. What did they do? 🤡
Why would anyone vote for clowns???
@@desaturated6049 I love WP screw pap
@Confidence_and_Fitness Rumours of an affair between Aljunied GRC WP MP Leon Perera and senior WP member Nicole Seah began swirling within party circles between late 2020 and early 2021, The Straits has learnt.Allegations of the duo frequenting hotels and behaving inappropriately with each other since mid 2020 had made their rounds amongst WP members. A 15 second video clip shared on social media on monday appeared to show Perera sharing an intimate moment with Seah at an eatery. The man in the video is seen stroking the woman's hand.
Can we have some news anchor more appealing to the eye? How do u give women women rights when it's all old woman.
Never give chance to younger generations