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 Housing loan is scary

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sheahann
post Oct 10 2023, 09:31 AM

Crashing like a tidal wave..
*******
Senior Member
2,263 posts

Joined: Sep 2006
From: i-city

QUOTE(robotking123 @ Oct 10 2023, 09:28 AM)
Loan 350k
Today outstanding: 320k
Already served 6 years plus, 1500 monthly

6 x 12 x 1500 = 108k
108k - 30k = 78k

Bank already earned 78k interest from me, bloody hell
Gov should do sthg, how can house loan be so expensive...
*
if flexi loan. park all ur extra money inside

btw assuming you loan 350k at 4.15% with tenure 35 years. thats come about 1.6k a month. total interest paid to serve 35 years is 314k.

if u pay extra 1k a month, your tenure is cut off by 20 years roughly . you will settle your loan around 15 years with total interest paid roughly 120k.



This post has been edited by sheahann: Oct 10 2023, 09:34 AM

 

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