Experts talked about the possibility of reducing mortgage overpayments by 73.7%

Reducing interest rates on refinancing loans allows you to save up to 73.7% on overpayment on mortgages issued during a period of record high rates. This was reported to Izvestia on Thursday, June 12, by the federal company Floors.

"After the next meeting of the Central Bank, the refinancing rates for previously issued mortgage loans in terms of credit institutions immediately decreased by 2%, from 26.5% to 24.5%, with the difference between the current lending rate and the new conditions of 1.5% or more, refinancing becomes justified," said Tatyana Reshetnikova, deputy head of the mortgage department of the federal company Floors..

According to the expert's calculations, with a loan amount of 6 million rubles, a rate of 26.5% and a loan term of 30 years, the monthly payment is just over 132.5 thousand rubles, and the overpayment for the entire term of the loan is 41.7 million rubles. At the rate of 24.5%, the monthly payment will be 7.5% lower — 122.5 thousand rubles, and the overpayment for the entire term of the loan will be reduced by 8.6%, to 38.1 million rubles.

"At the same time, even with such a small decrease at a high level of the loan rate, savings on overpayments for loan usage can amount to 73.7% if the monthly payments are kept at the same level, and shortening the loan term is always the most profitable strategy if the payment burden allows you to keep the same monthly payments," explained Reshetnikova.

According to her, with a loan amount of 6 million rubles, a rate of 24.5% and monthly payments at the same level of 132.4 thousand rubles, the loan term will be 10 years and 7 months instead of the previous 30 years, as a result, the overpayment for the entire period of use will be reduced by 73.74%, to 10.9 million rubles.

"As the key interest rate decreases, the demand for refinancing previously approved loans will grow, as this is a chance for borrowers to significantly reduce their debt burden," the expert noted.

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Earlier, on June 6, the Central Bank of Russia lowered its key rate to 20% after a long period of tight monetary policy. According to the Central Bank, domestic demand still outstrips the possibilities of expanding the supply of goods and services, but the Russian economy is gradually returning to a balanced growth trajectory.