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Is it really necessary to borrow money to buy a house for 30 years and save money every month?
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In the twenty years from 2000 to now, domestic real estate has developed rapidly, and many people in China will discuss house prices after dinner. With the rise of housing prices, the number of people who buy a house in full has gradually decreased, and buying a house with loans has gradually become a more common choice. Most of them will choose a 30-year mortgage. Why is this happening? To put it bluntly, the longer the mortgage time, the less the monthly payment. After all, many property buyers don't have much savings, especially young people who have just stepped into society.

In order to buy a house, I need to pay off my mortgage for 30 years, save money and feel that I have been working for a bank all my life. Is it really worth it? Buying a house through a loan now may really be a kind of helplessness, and it is the same for people who just need it or investors.

1. From the perspective of value, have you really worked for a bank all your life?

I don't know if you ever thought about it. The data shows that in 2020, the number of housing units per household in China has reached 1.6, which means that most families in China are not short of houses, but why are there still many families keen on buying houses? Among them, in addition to the continuous improvement of the quality of life, more houses can be used for living and are closely linked with many resources.

For example, children need special houses to go to school. Nowadays, many cities divide school districts according to the so-called districts, which means that if you want to go to a good school, you must buy corresponding school districts. In addition, the value of houses in different lots is also different. Relevant institutions have done statistics, and the value of houses in good lots is much higher than that in ordinary lots.

For people who really need a house, the reason for buying a house is very simple, either for their children to go to school or for their children to get married, so buying a house is not for working in a bank; However, for investors, buying a house may really be working for a bank. In addition to the monthly payment, it also needs the cost to hold a house. According to economists, if house prices go flat, they will lose money, so there is no need to argue about it.

2. From the perspective of monthly payment, are you really working for a bank?

Indeed, from the perspective of time, a 30-year mortgage is a bit scary. Imagine that you start paying off your mortgage at the age of 25, and you will be 55 after paying off your mortgage. You spent the prime time of your life paying off your mortgage. Who doesn't want life to be easier? You don't have to think about the mortgage every month.

So from the perspective of monthly payment, does a 30-year mortgage really work for banks? In fact, in addition to 30 years, there are many choices such as 5 years, 10 years, 20 years, etc. In other words, not only for 30 years, one of the important reasons why most people choose a 30-year mortgage is to reduce the pressure on monthly supply.

Take my first house purchase as an example. Borrowed 1.05 million for 30 years, and chose the method of equal principal and interest. But because the mortgage interest rate has reached 5.88% (the mortgage interest rate is very high), I need to pay back a lot of interest. The monthly payment is 62 14 yuan, and the total interest for 30 years reaches 65,438. Obviously, it is not cost-effective to pay off the 30-year mortgage honestly.

In fact, with the continuous improvement of income level, more and more people begin to consider repaying loans in advance. In addition, considering the annual inflation, the data shows that the money supply of M2 has increased by 16 times in recent 20 years, that is to say, the house price in second-tier cities is only about 1250 yuan/flat after 20 years. If you bought a set 20 years ago and the monthly payment was 100 yuan, it is still 100 yuan every month now, but it is insignificant compared with the house price. In fact, the currency is diluted by inflation.

Generally speaking, in the context of rising housing prices, buying a house by loan is the most suitable choice, although it is not the most cost-effective choice. Moreover, for people who really need a house, even if they have saved money all their lives, it is not important to discuss whether it is necessary or not. For example, children need a house to go to school, especially a special school district if they want to go to a good school.

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