I agree that it is a wise move to consolidate your personal loan and mortgage.So that the end result is paying only the mortgage of roughly RM99k.Then you will reduce your monthly installment thus providing you more surplus.
But honestly Iâ€™m not a decision maker in financing. When I read your ebook, Iâ€™m thinking of add another 28K to that amount. So after discuss the bank officer told me, for 28K, for 15 years, mthly repayment is RM 222.
Would you please advise me on below problem; Debt 1; Personal loan with bank rakyat; balance is total RM 35K. My intention is to reduce the MRI, monthly repayment installment.
So instead of paying 1418 ;housing & personal Pay only 787. MY OPINION: Undeniably, mortgage loan is the cheapest loan available nowadays.
But problem is, if the personal loan plus interest total if included in refinancing will be RM 40K. Bankers feel secured because your house will likely appreciate in value over time.
Refer this file for an estimation of the mortgage amortization table.
Amortization tabel -rm99k Please don’t be confused by the TOTAL interest you will have to pay.
In fact, the money will be in “lesser value” relatively, because RM100 now is worth a lot more than RM100 15 years later. If you discount every ringgit you pay down the road, it is not as high as RM40k you might perceive.
Hi, Mr Lau, First of all, many thanks to you for giving me the free e-book.
Itsâ€™ worth reading, cause Iâ€™m aware of unit trust investment now.