Chalanachithram.com DB: <b>Auto loan re-financing?</b>

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Idle_yzag
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Username: Idle_yzag

Post Number: 26315
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Posted on Wednesday, August 18, 2010 - 01:59 pm:

Mrhyderabad:
400-500 kosam inta gola (documentation) enduku ani anukuntunna...

maku visireyandi babai aa

RahulGandhi/JP/Chiru

Guru
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Posted on Wednesday, August 18, 2010 - 01:50 pm:

plug in ur current loan numbers in below calc, you'll know how much intrst you've already paid

http://www.bankrate.com/calculators/auto/early-payment-payof f-calculator.aspx

Guru
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Posted on Wednesday, August 18, 2010 - 01:48 pm:

hyder, dcu is offering 3.4 apr even for refinancing

Mrhyderabad
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Posted on Wednesday, August 18, 2010 - 01:46 pm:

Idle_yzag:
I dierived Outstanding balance in my first table

Nuvvu saamanya illappa.. anduke crash course adigindi :-)

Btw, u are right. 400-500 kosam inta gola (documentation) enduku ani anukuntunna...

If god doesn't like the way I live, let him tell me, not you

Desparado
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Posted on Wednesday, August 18, 2010 - 12:35 pm:

Mrhyderabad:
Current balance - 15500

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 12:34 pm:

Desparado:
naku diffrent ga vasthundhi
monthaly payment becomes 671 and instead of 25 months its 24 so inko 676

Hydera annai exact current balance cheppaledhu anukuntunana, I dierived Outstanding balance in my first table

RahulGandhi/JP/Chiru

Desparado
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Posted on Wednesday, August 18, 2010 - 12:33 pm:

Desparado:
naku diffrent ga vasthundhi

naku antey i did it with amortasation schedular

http://www.bankrate.com/calculators/mortgages/mortgage-calcu lator.aspx?mortgageamount=35000&mortgageterm=60+&mortgagerat e=5.99&

Desparado
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Posted on Wednesday, August 18, 2010 - 12:32 pm:

Idle_yzag:
400 diff... ses yetti seap ga 400 kosam ee gola anukunte, lite

naku diffrent ga vasthundhi
monthaly payment becomes 671 and instead of 25 months its 24 so inko 676

so total u save 676 + 24*5 = 796 ( that is without any processing fee or hidden costs)

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 12:26 pm:

Hidden costs lekapothe

with current rate, you will end up paying 16912
with refi,-3.75@ , you will end up paying 16514

400 diff... ses yetti seap ga 400 kosam ee gola anukunte, lite

RahulGandhi/JP/Chiru

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 12:23 pm:

With

Amount 15862
Tenure 2.083333333
Rate of Intrest 3.75


Month	EMI	Priniciple	Intrest

1	661	611	50
2	661	613	48
3	661	615	46
4	661	617	44
5	661	619	42
6	661	621	40
7	661	623	38
8	661	625	36
9	661	626	34
10	661	628	32
11	661	630	30
12	661	632	28
13	661	634	26
14	661	636	24
15	661	638	22
16	661	640	20
17	661	642	18
18	661	644	16
19	661	646	14
20	661	648	12
21	661	650	10
22	661	652	8
23	661	654	6
24	661	656	4
25	661	659	2

Total you pay	16514

RahulGandhi/JP/Chiru

Maverick
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Posted on Wednesday, August 18, 2010 - 12:22 pm:

>>I didn't even know that you can go for a re-fi on a existing auto loan...

puzzle icon

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 12:21 pm:

Remaining 25 months you pay with current rate

Month	EMI	Priniciple	Intrest

36	676	597	79
37	676	600	76
38	676	603	73
39	676	606	70
40	676	609	67
41	676	612	64
42	676	615	61
43	676	618	58
44	676	622	55
45	676	625	52
46	676	628	49
47	676	631	46
48	676	634	42
49	676	637	39
50	676	640	36
51	676	644	33
52	676	647	30
53	676	650	26
54	676	653	23
55	676	657	20
56	676	660	17
57	676	663	13
58	676	666	10
59	676	670	7
60	676	673	3

Total you pay in 25 months	16912

RahulGandhi/JP/Chiru

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 12:20 pm:

Mrhyderabad:

This is what you paid until now

Month	EMI	Priniciple	Intrest

1	676	502	175
2	676	504	172
3	676	507	170
4	676	509	167
5	676	512	165
6	676	514	162
7	676	517	159
8	676	520	157
9	676	522	154
10	676	525	152
11	676	527	149
12	676	530	146
13	676	533	144
14	676	535	141
15	676	538	138
16	676	541	136
17	676	543	133
18	676	546	130
19	676	549	128
20	676	552	125
21	676	554	122
22	676	557	119
23	676	560	117
24	676	563	114
25	676	565	111
26	676	568	108
27	676	571	105
28	676	574	103
29	676	577	100
30	676	580	97
31	676	583	94
32	676	586	91
33	676	588	88
34	676	591	85
35	676	594	82

630	23677	19138	4539

Remaining Principal	=	15862

RahulGandhi/JP/Chiru

Mrhyderabad
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Posted on Wednesday, August 18, 2010 - 12:09 pm:

Idle_yzag:

Chaala confusing gaa vundi Rao gaaru mee example.

Here are the details:

Original loan amt - 35K
Original loan term - 60 months
EMI - 675
I rate - 5.99
Remaining months - 25

Current balance - 15500
Current offered rate - 3.75
Planning to take 24 months loan

Calculate chesthe anta pedda khaas anipinchadam ledu.

If god doesn't like the way I live, let him tell me, not you

Onlooker
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Posted on Wednesday, August 18, 2010 - 12:01 pm:

monney auto loan teeskoni sunku diesel auto konna...2good vundi

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 11:59 am:

Idle_yzag:
suppose 50th month daggara refinance chesthe 6% ki

50th month - 1 re principal - 50 ps (OP: 50 Rs @ 6% = 0.25)

suppose 50th month daggara refinance chesthe 6% ki

50th month - 1 re principal - 25 ps (OP: 50 Rs @ 6% = 0.25)

RahulGandhi/JP/Chiru

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 11:58 am:

Mrhyderabad:
Most of the interest already pay chesi vuntaam kadaa?

suppose say 100 rs theskunav anuko, 12% intrest tho

every month 1 Re pay chesthunav anuko

1st month - 1Re principal - 1 Re intrest
2nd month - 1Re principal - 99ps intrest (autstanding principal ki intrest still 12%)
3rd month - 1Re principal - 98 ps intrest

50th month - 1 re principal - 50 ps (OP: 50 Rs @ 12% = 0.50)

suppose 50th month daggara refinance chesthe 6% ki

50th month - 1 re principal - 50 ps (OP: 50 Rs @ 6% = 0.25)

PS: Principal same 1 re vuntundhi ani kadu, just assumption kosam cheppa

RahulGandhi/JP/Chiru

Mrhyderabad
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Posted on Wednesday, August 18, 2010 - 11:44 am:

Diwakaram_april1:
i did it last time and reduced from 7.25 to 4.25. Dint know that they can go this much lower.

Cool.

Does it make sense to re-fi the loan after 3 years? (Original tenure was 5 years)

Most of the interest already pay chesi vuntaam kadaa?

If god doesn't like the way I live, let him tell me, not you

Diwakaram_april1
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Posted on Wednesday, August 18, 2010 - 11:42 am:

Mrhyderabad:
I didn't even know that you can go for a re-fi on a existing auto loan...

i did it last time and reduced from 7.25 to 4.25. Dint know that they can go this much lower.

to ur Q, no hidden charges etc.

Idle_yzag
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Posted on Wednesday, August 18, 2010 - 11:42 am:

Mrhyderabad:

meeku real estate crash course cheppala? BTW deatils pampinchara friend ki contact details lantivi?

RahulGandhi/JP/Chiru

Mrhyderabad
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Posted on Wednesday, August 18, 2010 - 11:39 am:

I didn't even know that you can go for a re-fi on a existing auto loan...

My current auto loan rate - 5.75
Re-fi rate from chase - 3.5

Ikkada evaraina try chesaaraa? Emaina additional expenses vuntaayaa like home re-fi closing costs etc?

If god doesn't like the way I live, let him tell me, not you