Can equal principal and interest of mortgage be changed into principal if it is too cheat people?
The equal principal and interest of mortgage can be changed into principal by swindlers, but it is not allowed to be changed in the first whole year in ordinary banks. It must be paid back at least after 12 months, and your income should be more than twice the initial monthly payment of this principal. As long as your monthly repayment ability is appropriate, it is absolutely appropriate to switch to average capital without making any investment.
Which is more cost-effective, equal principal and interest or average capital?
1, the equal repayment method means that during the loan period, the loan principal is repaid in equal amount every month, and the interest decreases month by month with the principal, that is, the monthly repayment of the principal remains unchanged and the interest is getting less and less. The characteristic of average capital is to repay the principal in equal amount on a regular basis, that is, after borrowing, the borrower needs to share the principal with a fixed amount in addition to paying the loan interest.
2. Because the repayment method in the average capital has a fixed monthly repayment amount, the loan balance is gradually reduced by a fixed amount, and the monthly payment and monthly balance are also reduced regularly.
3. Equal principal and interest repayment method refers to the average repayment of loan principal and interest in equal amount every month within the loan term. In other words, the sum of monthly principal plus interest is the same, in which the proportion of principal and interest returned changes month by month, interest decreases month by month and principal increases month by month.
4. Matching principal and interest and average capital, as common repayment methods of personal housing mortgage loans, are suitable for borrowers in different situations, and there is no difference between good and bad. Judging from the monthly repayment amount, the equal principal and interest repayment method is fixed, while the average principal repayment method is higher than the equal principal and interest repayment method at the initial stage of repayment. This means that the loan threshold of average capital repayment method is higher than that of equal principal and interest repayment method.
5. When buying a house with a loan, the burden of the average capital repayment method is heavier than the equal principal and interest. Generally speaking, it is not good for people who buy a house for the first time because of the unstable economy, which is why most borrowers use the equal principal and interest repayment method.