- Credit Card
- Real Estate
I want to apply for a mortgage loan of $100,000 with $10,000 down-payment. The loan should be paid in 15 years, and the interest rate is 4%. Suppose I can have $20,000 more by selling some of my stuff.
There is no prepayment penalty. Is there any significantly difference in the interest to pay between two cases:
I’m not good at numbers, and each bank has their own way of calculating APR, which makes me confused.
Updated: To clarify, I only want to minimize the interest that I have to pay.