Many people choose mortgage loans to buy houses, which can reduce a lot of economic burden. So how to calculate the monthly mortgage payment? What are the precautions for handling a mortgage? Next, Bian Xiao will introduce relevant contents to you. Let's have a look.
Calculation method of monthly mortgage payment
1. repayment method of equal principal and interest: monthly repayment amount = [loan principal× monthly interest rate× (1+monthly interest rate )× repayment months ]=[( 1+ monthly interest rate )× repayment months]
2. Monthly interest payable = loan principal × monthly interest rate ×[( 1+ monthly interest rate )× repayment months -( 1+ monthly interest rate) (repayment month serial number-1)] ÷ [(1+monthly interest rate) repayment months.
3. Monthly repayment principal = loan principal × monthly interest rate ×( 1+ monthly interest rate) ÷ (repayment month serial number-1)÷[( 1+ monthly interest rate) repayment months-1]
Total interest = repayment months × monthly repayment amount-loan principal
What are the precautions for handling a mortgage?
1. When handling a loan, you should choose an appropriate repayment method, which can be divided into two types: equal principal and interest and average capital. The early repayment pressure of average capital is relatively high, but the total interest will be less than the matching principal and interest. The borrower should choose a reasonable repayment method according to his actual situation.
2. The loan must be repaid with interest, so the higher the loan amount, the better. When applying for a loan amount, you must do what you can. In addition, the longer the loan term, the more interest you will generate. The more the loan interest is paid, the greater the repayment pressure. When repaying each installment, it is necessary to ensure timely and full repayment, so as not to affect personal credit.
3. When handling a mortgage, you should pay attention to preparing relevant loan materials in advance, including copies of ID cards, social security certificates, household registration books, income certificates, academic certificates, marriage certificates or single certificates, bank accounts, purchase contracts, down payment invoices, etc.
Summary: The above is the calculation method of monthly mortgage payment introduced by Bian Xiao and some matters needing attention in handling mortgage, hoping to help some friends in need.
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