That is why the early repayment of a loan with annuity scheme towards the end of the loan term special interest savings would not be-you are almost completely paid at the beginning of the term loan.
The value of differential installment loan is the sum of the proportion of principal (it is equal to the loan amount divided by the number of months the loan) and monthly interest on the principal balance. The basic debt repayment as reduced-hence decreases the amount of interest and, in parallel, the total monthly payment.
When differentiated loan repayment scheme will provide substantial savings to the percentage paid by the Bank on the loan.
The total amount of interest payable in equated monthly installment scheme will be higher, because the amount of principal on which interest is accrued, decays more slowly than in a differentiated schema. The greater the amount and longer loan term, the greater will be the difference in the size of the paid percent of. It is important to understand that the relatively small amounts of the loan and the loan period — up to a year, the difference is insignificant.
But not everyone is so sure. At annuity scheme has its pluses. Chief among them is smaller (compared to the differential scheme) monthly payment at the beginning of the term of the loan. This is especially meaningful it is in mortgage loans. As well as the maximum loan amount is calculated on the basis of the requirements to monthly payment does not exceed 35-40% of the monthly income of the borrower, then the annuity, you can qualify for a larger loan amount.
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