Repayment types used by Korean banks
- Equal payments (원리금균등): the same monthly amount for the whole term; most mortgages use this.
- Equal principal (원금균등): the principal part is fixed, so payments start higher and fall each month; total interest is lower.
- Bullet (만기일시): interest only each month and the full principal at maturity; common for jeonse deposit loans and credit lines.
Foreign residents with an alien registration card and stable income can apply for loans at many Korean banks, though products and limits are narrower than for nationals.
Read in Korean: 대출 이자 계산기