What if the loan term remains unchanged and the monthly repayment amount decreases?
Early repayment usually requires the borrower to repay the loan for more than one year, and then submit a written application to the bank one week and one month in advance to agree on the repayment date. At the appointed time, take your ID card and signed loan contract with you when you apply for mortgage, fill in the application form and agreement for prepayment at the loan handling outlet, and deposit the money in the repayment card.
After repaying the loan in advance, it is necessary to re-sign the loan contract with the bank. For outstanding loans, the repayment period or monthly repayment amount should be re-agreed. Generally, there are two options: shortening the fixed period of monthly payment and reducing the fixed period of monthly payment. If you want to reduce the monthly repayment amount without changing the loan term, you should choose to reduce the monthly repayment amount.
The characteristics of this repayment method are that the repayment period has not changed, the monthly repayment amount has decreased, and the repayment pressure of the borrower has decreased, but the repayment period is still so long, so even if the interest is saved, not much money can be saved. Compared with the fixed term of supply next month, the interest saved is still relatively large. How much can you save? You can use the mortgage prepayment calculator to calculate it yourself.
But for the borrower, it is not to say which way to choose to save interest, but mainly to judge according to his repayment ability and choose the most favorable way for himself, so as to avoid lowering his quality of life in order to repay the mortgage, which will be more troublesome at any time.
The above is the introduction of "reducing the monthly repayment amount without changing the loan term", hoping to help everyone.