First of all, the interest expense for a loan with a term of 20 years is less, while the interest expense for a loan with a term of 30 years is more.
In the case of the same loan amount and loan term, the length of loan term will affect the total interest expenditure of users. Generally speaking, the longer the term of the loan, the more the interest expense of the loan.
Due to the large loan amount and long loan term, according to the rules of bank loan interest rate, the loan interest rate for more than five years is the same, and the loan interest expense is only related to the loan term. If the user chooses a shorter loan term, the user will pay less interest on the loan. When the user's income can bear the monthly payment, the user can choose a shorter loan term, and when the user's income cannot bear the monthly payment, the user can choose a longer loan term.
Second, the monthly loan with a loan term of 20 years is high and the repayment pressure is high, while the monthly loan with a loan term of 30 years is small and the repayment pressure is small.
In the case of the same loan amount and loan term, the length of loan term will affect the monthly payment of users. Generally speaking, the longer the loan term, the lower the monthly loan supply.
When the loan term exceeds 5 years, the loan interest rate remains unchanged. If the user chooses a shorter loan term, the monthly payment of the user will be higher, which will bring greater repayment pressure to the user. If users choose a longer loan term, their monthly payment will be lower and their repayment pressure will be less.
Users should consider their repayment ability when choosing the loan term, and then determine the loan term, and must choose the repayment term corresponding to the repayment amount they can bear.
Third, the scope of houses with a loan term of 20 years is small, and the scope of houses with a loan term of 30 years is large.
When users buy a house, the monthly repayment amount has a certain impact on the price of the house they buy. If the monthly repayment exceeds the user's tolerance, then the user will not consider the house at this price.
When buying a house, users will evaluate the monthly loan amount according to the loan amount of the house. If the monthly repayment amount that the user can bear is low, then the user will lengthen the loan period and reduce the monthly repayment amount. If users can afford a higher monthly repayment amount, then users will shorten the loan period and increase the monthly repayment amount.
Which is suitable for a 20-year or 30-year house loan?
A 20-year loan for buying a house is more appropriate, but in the case of great economic pressure, it is recommended to borrow for 30 years. The influencing factors to judge which mortgage is cost-effective in 20 years and 30 years are: monthly supply pressure, mortgage interest rate, mortgage nature and so on.
For the average person, mortgage will cause a certain pressure on life, no matter how much the monthly mortgage is paid, provided that the mortgage can not be stopped and needs constant work. Therefore, for people with high income, the mortgage for 20 years will cause pressure on their lives, so it is more cost-effective. For people with low income, if the monthly mortgage is less and the monthly pressure is less, the mortgage for 30 years will be more cost-effective.
According to the new national policy, it can be divided into LPR floating interest rate and fixed interest rate, in which LPR fluctuates under the influence of market quotation. At present, the LPR interest rate in 2022 is 4.6%. If the 30-year mortgage is 65,438+10,000 yuan, the interest in that year is about 4,530 yuan. Compared with the fixed interest rate of 4.9%, if the 20-year mortgage is 65,438+10,000, the interest in that year is 4,786.
Is the mortgage good for 30 years or 20 years?
From the point of view of saving loan interest, 20-year mortgage is better than 30-year mortgage, because the loan interest rates are the same, so the shorter the loan term, the less the total loan interest. However, applying for the same loan, the shorter the loan term, the greater the repayment pressure, so whether the loan is good for 30 years or 20 years depends on the actual situation of the individual.
If there is a certain pressure on repayment, the lender can apply for a mortgage with a longer term, and can also choose to repay in advance if the economic conditions permit.