To completely make the installment payment for a house before ten years is a real thing or just exaggeration?

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To completely make the installment payment for a house before ten years is a real thing or just exaggeration?

31 Oct 2022

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Have you ever heard this sentence? If you don't want to be indebted for a long time, don't want to pay high interest, and want to reduce the principal and interests quickly, you can do it by paying extra on installment sum or paying extra on principal in lump sum every year ... and how can you do this? Want to know? Admin has summarized it briefly which is easy to understand for you!

How to pay extra on installment sum
- Try to pay extra on each installment sum at the rate of over 30%, for example, the normal installment sum is 10,000 Baht, I will pay extra (around 13,000-15,000 Baht if possible).
- This method will clearly show the difference between the principal and the interest.

How to pay extra in lump sum every year
- This is the style of big spender. This way, we will pay the installments every month normally but will pay extra on installment sum once a year in the last installment of the 2nd year or the 24th installment. This will make us pay in excess.
- Paying 3,000 Baht extra on the average sum per month, equal to the first payment rate or paying the 24th installment at the amount of 10,000 Baht + (12 months x 3,000) = 46,000 Baht. This way, both principal and interest will surely decrease!

Keep in mind : Many people think that they can consistently control their excessive monthly payments. Of course, this method will help reduce the principal rather than the annual extra payment in lump sum. However, for those who wait for a bonus or a lump-sum income to make such payment, if the fixed average annual extra payment in lump sum is equal to the excessive monthly payment within a period of 24 installments, it is another option that can reduce both principal and interest as well.

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