When the bank says that 10 is the same as 20 years, it means that the loan interest rate is the same (the loan interest rate for less than 5 years is different).
The loan is 270,000 yuan, with an annual interest rate of 6.55%. There are two repayment methods, namely, equal principal and interest method and average capital method. The following terms are 10 years and 20 years respectively:
I. Duration: 10 year
1. Equal principal and interest method: the monthly repayment amount is 3,072.67 yuan (same every month), and the total principal and interest is 368,720.25 yuan, of which the interest is 98,720.25 yuan.
2. Average capital method: the monthly repayment amount is different. The repayment amount in the first month is 3,723.75 yuan (it will decrease month by month, by 12.28 yuan), and the repayment amount in the last month is 2,262.28 yuan, with the total principal and interest of 3591.88 yuan, of which the interest is 89 1665438 yuan.
Compared with the above two methods, the average capital method is 9558.37 yuan less than the equal principal and interest method.
The term is 20 years.
1. equal principal and interest method: the monthly repayment amount is 202 1.00 yuan (the same every month), and the total principal and interest is 485,040.76 yuan, of which the interest is 215,040.76 yuan.
2. Average capital method: the monthly repayment amount is different. The repayment amount in the first month is 2598.75 yuan (it will be reduced month by month by 6. 14 yuan), and the repayment amount in the last month is11.14 yuan, and the total principal and interest is 447,586.88 yuan, including interest/kloc.
Compared with the above two methods, the average capital method is 37,453.89 yuan less than the equal principal and interest method.
The specific repayment method can be selected when the bank handles the loan procedures.
The above data are calculated under the assumption that the interest rate will remain unchanged throughout the repayment period.
From the perspective of cost performance, the shorter the loan time, the less the total interest paid, but the greater the monthly supply; The longer the time, the more the total interest will be paid, but the monthly payment will be less. You can choose the loan term and repayment method according to your monthly payment ability.
The above answers are for your reference only, and I hope they will help you.