Yahoo 知識+ 將於 2021 年 5 月 4 日 (美國東岸時間) 停止服務,而 Yahoo 知識+ 網站現已轉為僅限瀏覽模式。其他 Yahoo 資產或服務,或你的 Yahoo 帳戶將不會有任何變更。你可以在此服務中心網頁進一步了解 Yahoo 知識+ 停止服務的事宜,以及了解如何下載你的資料。

Mortgage lump sum pay in - reduce term or reduced payments?

I'd like to pay in a lump sum that is about 20% of my outstanding mortgage (mostly repayment - some endowment type). The Bank has suggested that I can either reduce the term of the mortgage or reduce the monthly repayment. Is there a generally accepted best option?

5 個解答

相關度
  • 匿名
    1 十年前
    最愛解答

    Go for the term. This will reduce the interest that you have to pay in the long run.

  • 1 十年前

    Hi, There are a few of ways of doing this effectively pay off the lump sum which should have the automatic benefit of reducing your payments.

    or change your mortgage to an offset were you can put the money in an linked savings account the interest you earn which is tax free can be used to reduce your monthly payments and your lump sum will be kept safe and you can pay off the lump sum at a later date so in effect you can do both with the benefit of earning more interest as its tax free.

    Or you can use your tax free interest to reduce your term (pay more off your mortgage) that way you wont need all your lump sum to pay off the mortgage in a few years time.

  • 1 十年前

    Bank alway is the winner.i suggest that you should reduce you term.But you wont save too more.You would realize that when you pay the lump sum's money, the item in Bank statement will write "payment on interest and principal", actually bank just reduce your interest no your principal, so maybe you will feel that you repayment amount is decease, but actually is not.if you loan is house loan,you can reduce the loan amount through application with bank,but you need to find a agent.

  • 1 十年前

    reduced term is the way to go.if you can afford the same repayments now carry on with that method.that way will give you the option of reduced payments in the future if you get short of cash....

  • 1 十年前

    the faster you pay back the money, the less mortgage interest you will pay to the lender.

還有問題嗎?立即提問即可得到解答。