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When applying for decoration loans, everyone should choose a repayment method of decoration loans, equal principal repayment or equal principal and interest repayment. Many friends can't judge which one they are suitable for. Today, Xi Caijun will explain in detail to help you choose

one of the repayment methods of decoration loans: repayment of equal principal and interest

repayment of equal principal and interest refers to the method of evenly apportioning the total principal and interest of the loan to each month, and the borrower repays the loan at the same amount every month. A large part of the initial repayment amount in this way is interest rather than principal

for example, the decoration loan is 150000 yuan, the repayment period is 3 years, a total of 36 periods, and the annual interest rate is 5%. The repayment method of equal principal and interest is adopted. The monthly repayment is 4495.63 yuan, the total interest is 11842.84 yuan, and the total principal and interest is 161842.84 yuan

decoration loan repayment method 2: equal principal repayment

equal principal repayment is a way to allocate the loan principal to be repaid every month, and the early interest will be repaid in the same month

for example, the decoration loan is 150000 yuan, the repayment period is 3 years, a total of 36 periods, and the annual interest rate is 5%. By means of repayment of equal principal and interest, 4791.67 yuan will be repaid in the first month, and then the monthly repayment amount will be reduced by 17.36 yuan. The total interest is 11562.50 yuan, and the total principal and interest is 161562.50 yuan

through the above two examples, we find that under the same circumstances, the repayment interest of equal principal and interest is higher than the repayment of equal principal, but the initial amount of repayment is small and the repayment amount is fixed. Therefore, the repayment of equal principal and interest is suitable for people who are currently unable to repay, such as young people who have just joined the work; Equal principal repayment is suitable for people with strong repayment ability at present, such as middle-aged people who are at the peak of income. In addition, if there is an early repayment plan, the repayment of the equivalent principal is more cost-effective

relevant recommendations:

decoration loan contract fan Ben just bought a house, collect it quickly

how to withdraw the money from the decoration loan and use these two tricks skillfully

to sum up, the repayment methods of the decoration loan have their own characteristics, and the borrower should choose according to its actual situation. Friends who want to borrow money can go to [Xicai cat] to choose a suitable product. The door price is low and the lending speed is fast. They can [apply] at home and have one-on-one service from the credit manager

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