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How to reduce mortgage payment?

by realapartment

A mortgage loan for many Russians is the only way to get their housing, especially in the conditions of constantly growing real estate prices. However, payments for many seem too large. Don’t despair, there are ways to make them a little smaller.

Try to draw up a differentiated payment agreement. Not everyone knows, but the annuity payment familiar to many implies that in the first few years a person pays interest, and only then the principal amount, although the amount of the monthly installment remains unchanged. With a differentiated payment, the situation is different – the debt and the interest are paid at the same time, which allows you to reduce the amount of contributions over time. At first, the contributions will be higher than with annuity payments, but after five to seven years they will become noticeably lower, and the savings will be very significant.

Get your own insurance. Banks work with 10-12 insurance companies, but customers are offered one or two. If you make the right choice, you can save a significant amount, since even with complex insurance of a 30-year loan of 2% per year you can retain about 8,000 rubles.

Take a longer loan. An increase in the deadline leads to a decrease in monthly payments.

Monthly contributions are better to plan with a margin. If a sufficient free amount appears, you can extinguish the loan ahead of schedule. Of course, this is unprofitable for banks, and they establish various moors on early repayment, but even the maximum of them is usually no more than a year.

Open the deposit and put off funds on it. They can be used for early repayment of the loan. In addition, contact the bank to recalculate payments.

Watch the tariffs. If more favorable conditions have appeared, you can write a statement about reducing bets. Even half a percent will save a field of one hundred thousand rubles.

Do not forget about tax deductions for buying an apartment and interest on a mortgage. In both cases, you can save more than 200 thousand rubles. The difference in deductions is only that in the first case the total preferential amount is not more than 2 million, and the second maximum is absent.

Maternity capital can also be a good help. For the birth of a second child, the state pays 360 thousand, which can be used to extinguish a mortgage loan.

And the last is leased if the apartment is not the only.

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