Andrey and Jona have been married for 30 years and have raised 2 children, who are now independent. They live near Rennes and own their apartment. Their income is $ 2,000 each month. A budget that needs to be managed as closely as possible. How are their expenses and receipts distributed? How can they lower the amount of their monthly loan payments?
At 61, Andrey, a former cleaning lady, has been retired for 2 years because she benefited from an early departure plan in her personal services business. His retirement income is $ 500 per month. Jona is 62 years old, he is a worker specialized in an agro-food business and earns 1,500 $ per month. Their children having left the house, they no longer benefit from any family help, nor for their accommodation. Their total budget is therefore $ 2,000 per month.
Andrey and Jona repay two loans: the home loan which allowed them to buy their apartment for an amount of 873 $ per month as well as a personal loan with which they offered themselves a nice 4 weeks trip to the United States l ‘last year. This loan represents a monthly payment of $ 154 per month. The couple’s other expenses are spent on food for an amount of $ 700 monthly and a few sports for Andrey, who practices yoga and pilates, which represents around $ 50 per month. The couple saves a hundred USD a month and uses their living expenses to please their little girl when they can. The remainder is therefore low, a hundred USD at most.
After weighing the advantages and disadvantages of buying back credit, Andrey and Jona decide. Combining their two loans into a single loan, the duration of which will be extended, would allow them to benefit from a reduced monthly payment. Today their repayments represent the sum of $ 1,027 (home loan and personal loan), after the repurchase of credit by the bank the single monthly payment could decrease by 30% or about 700 $. A living amount increased by 300 $ is not negligible on their budget.