Let us discuss whether it would be better to have a shorter life or a shorter month to make the advance repayment of the mortgage more economical

An analysis should be made of whether early repayment of mortgages is better than a reduction of years or months

The choice between the two is essentially to save money, but the options that suit you depend entirely on your personal economic situation and characteristics. I will explain these two ways in detail:

First of all, talk about reducing the number of years. For mortgages with equal principal and equivalent interest, you can choose to reduce the number of years after early repayment. The amount you pay on a monthly basis remains the same, but the overall repayment period is reduced. In this way, you will be able to achieve significant savings in the overall interest on the mortgage, which will achieve the expected interest savings. After all, the fundamental purpose of early repayment is to reduce total interest, right

Then we talk about reducing the monthly supply. A reduction in the monthly repayment amount after early repayment of the loan, whether the principal or interest equivalent, is also optional, with the duration remaining unchanged. It is clear that this can easily respond to monthly repayment pressures and achieve a reduction in mental stress. Then, although the efficiency of this approach to interest savings is relatively weak, this may be the best option for those with low wages. After all, a reduction in monthly provision would ease the monthly repayment pressure and would not affect the future quality of life of families。

In the case of advance repayment of mortgages, you may choose to be broadly divided into: full advance payment, partial early payment, part of which can be divided into two cases: a reduction in the repayment period by maintaining the same amount per month, or a reduction in the monthly repayment period, but keeping the repayment period unchanged, or even a reduction in the repayment period by allowing for an increase in the monthly repayment period if the remaining principal amount remains unchanged。

In sum, whether to reduce the number of years or the number of months, it requires you to weigh and choose according to your economic situation and needs。