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Previously on "How Good Is this loan ?"

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  • Schnurdle
    replied
    Interest is being applied daily. Different months have differing numbers of days in.
    Looks like a standard mortgage repayment plan to me.

    Leave a comment:


  • WTFH
    replied
    It looks wrong. I'd expect this:
    Balance Payment Interest To Loan
    20/10/2021 160000 830.99 333.33 497.66
    20/11/2021 159502.34 830.99 332.30 498.69
    20/12/2021 159003.65 830.99 331.26 499.73
    20/01/2022 158503.92 830.99 330.22 500.77
    20/02/2022 158003.14 830.99 329.17 501.82
    20/03/2022 157501.33 830.99 328.13 502.86
    20/04/2022 156998.46 830.99 327.08 503.91
    20/05/2022 156494.56 830.99 326.03 504.96
    20/06/2022 155989.60 830.99 324.98 506.01
    20/07/2022 155483.58 830.99 323.92 507.07
    20/08/2022 154976.52 830.99 322.87 508.12
    20/09/2022 154468.40 830.99 321.81 509.18
    20/10/2022 153959.21 830.99 320.75 510.24
    20/11/2022 153448.97 830.99 319.69 511.30
    20/12/2022 152937.67 830.99 318.62 512.37
    20/01/2023 152425.30 830.99 317.55 513.44
    20/02/2023 151911.86 830.99 316.48 514.51
    20/03/2023 151397.35 830.99 315.41 515.58
    20/04/2023 150881.78 830.99 314.34 516.65
    20/05/2023 150365.12 830.99 313.26 517.73
    20/06/2023 149847.39 830.99 312.18 518.81
    20/07/2023 149328.59 830.99 311.10 519.89
    20/08/2023 148808.70 830.99 310.02 520.97
    20/09/2023 148287.72 830.99 308.93 522.06
    20/10/2023 147765.67 830.99 307.85 523.14
    20/11/2023 147242.52 830.99 306.76 524.23
    20/12/2023 146718.29 830.99 305.66 525.33
    ...etc

    If there's no penalty for early repayment, then it should be the equivalent of 2.5% per annum. Not 2.5% divided over 3 years, etc.

    Leave a comment:


  • ronkeen
    replied
    Originally posted by WTFH View Post
    Are these your own figures, because if it was a normal loan, they are not correct.

    The pictures show the actual repayment schedule the bank sent me. It is a mortgage loan.

    Leave a comment:


  • WTFH
    replied
    Are these your own figures, because if it was a normal loan, they are not correct.

    Leave a comment:


  • ronkeen
    started a topic How Good Is this loan ?

    How Good Is this loan ?

    I have finally found a common language with this forum again. And this language is :


    I never taken loan in my life, please tell me is this loan fishy or good deal ?

    Advertised Total yearly interest 2.5 % ( 2.25 % interest + negative EURIBOR + 0.25 Banks's extra interest fee )
    Loan sum 160 000 EUR ( Lumpsum or whatever is called )
    Loan Period 20 years.
    Follows below the repayment schedule for the first three years.
    Questions:

    Is this loan a good deal, considering I want to pay in full the lumpsum by 3 years. ?

    At the first months you pay higher percentage towards interest, does this mean one who intends to repay the loan within 3 years actually pays effective loan rate higher than 2.5 % ,.... maybe realistically 4.4 % or so. And the advertised loan rate of 2.5 percent only applies when you pay for the whole 20 years.

    They say at any point you can pay the remaining of the lumpsum and you are out of the loan.


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