The calculation formula of mortgage interest is: interest = principal × interest rate × deposit period (i.e. time).
According to the repayment formula of general mortgage loans, it can be divided into two types:
1. Calculation formula of equal principal and interest: calculation principle: the bank collects the interest of the remaining principal first, and then the principal of the monthly contribution; The proportion of interest in monthly payment decreases with the decrease of residual principal, and the proportion of principal in monthly payment increases with the increase, but the total monthly payment remains unchanged.
Second, the average capital calculation formula:
Monthly repayment = monthly principal, monthly principal and interest
Monthly principal = principal/repayment months
Monthly principal and interest = (principal-total accumulated repayment) x monthly interest rate
Calculation principle: the amount of principal returned every month is always the same, and the interest will decrease with the decrease of the remaining principal.
Housing loans mainly include the following:
1. Housing provident fund loan: For residents who have already paid the housing provident fund, low-interest housing provident fund loans should be the first choice when buying a house. Housing provident fund loans have the nature of policy subsidies, and the loan interest rate is very low, which is not only lower than the loan interest rate of commercial banks in the same period (only half of the mortgage interest rate of commercial banks).
2. Personal housing commercial loans: The above two loan methods are limited to employees who have paid the housing provident fund, and there are many restrictions. Therefore, people who have not paid the housing provident fund have no chance to apply for loans, but they can apply for personal housing secured loans from commercial banks, that is, bank mortgage loans.
I. The interest rate conversion formula for RMB business is (note: common for deposits and loans):
1. daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.
2. Monthly interest rate (‰) = annual interest rate (%)÷ 12
Two, banks can use product interest method and transaction interest method to calculate interest.
1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:
Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:
If the interest-bearing period is a whole year (month), the interest-bearing formula is:
① Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
② Interest = principal × year (month) × year (month) interest rate principal × odd days × daily interest rate.
At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:
③ Interest = principal × actual days × daily interest rate
These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, it will be calculated as 365 days a year, and the result will be slightly biased.
Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.
How to calculate the house loan?
There are two calculation formulas for housing loan, one is equal principal and interest repayment method, and the other is average capital repayment method. The two different methods have their own advantages and disadvantages. Suitable for buyers in different situations, let's take a look at their calculation methods.
Average capital plus interest
Matching principal and interest repayment method refers to the repayment of loan principal and interest in equal amount every month during the loan period until the loan is settled. The total amount that the buyer has to pay back every month is the same, but the ratio of interest to principal changes every time. At first, because of the large amount of principal, interest accounted for a large proportion. With the increase of repayment times, the proportion of principal gradually increases and the proportion of interest becomes smaller and smaller.
For example, for a loan of 200,000 yuan, the repayment period is 20 years: if the annual interest rate is 7.47%, the monthly repayment will be 1607.5 196 yuan, and the total interest paid will reach 185804.7 yuan, and the total repayment will reach 385804.7 yuan.
2. Average capital
Average capital repayment method refers to equal repayment of the principal every month, and the loan interest decreases month by month with the reduction of the principal until the loan is settled. The amount that buyers change every month is different, in which the amount of principal is equal, which decreases with the decrease of monthly principal, and the interest gradually decreases with the increase of repayment times.
Similarly, take the repayment of a loan of 200,000 yuan in 20 years as an example. The annual interest rate is 7.47%, and the repayment is 2,078.33 yuan in the first month, and then decreases every month, and the repayment is 838.52 yuan in the last month. Interest was paid 150022.5 yuan, and the total loan repayment was 350022.5 yuan.
As can be seen from the above example, the repayment of principal is more than 30 thousand less than the repayment of principal and interest, so should everyone choose to repay the principal? No, at the beginning of the loan, the monthly repayment of the principal is relatively large, and the repayment pressure is relatively heavy, especially in the case of a large total loan, with a difference of several thousand yuan.
At present, people with low incomes will be under great pressure, especially young people who have just started working. With the passage of time, the repayment burden is gradually reduced, so it is suitable for people with higher income and a certain economic foundation, but it is expected that the burden will increase in the future. For example, middle-aged people with a certain foundation will have less income after retirement in the future, and then the pressure of repaying loans will be reduced.
The advantage of repaying principal and interest is that the monthly repayment amount is equal and the repayment pressure is balanced. This repayment method is also suitable for borrowers with relatively stable or slightly increased income in the future. For example, some young people are short of funds now, but they are able to repay the loan in advance in the future, so the interest will be relatively reduced.
It is undoubtedly the best choice for families who are proficient in investment and good at financial management. As long as the return on investment is higher than the loan interest rate, the longer the capital takes up, the better. It can be seen that choosing the loan method that suits you, reasonably arranging the down payment ratio and planning the repayment method can help buyers make the best use of it.
To reduce the cost of buying a house and what kind of repayment method to adopt, buyers should determine according to their economic income, investment, future burden and family's ability to resist risks. Really achieve the goal of exchanging the minimum cost for the maximum benefit.
Extended data:
Mortgage calculator is a professional mortgage calculation software. Calculate the monthly payment, total interest and total repayment of commercial loans when choosing the repayment method of average capital and equal principal and interest.
Calculate the monthly payment, total interest and total repayment of commercial loans when choosing the repayment method of average capital and equal principal and interest. 2. Short-term loans generally use one-time repayment of principal and interest or installment repayment of principal and interest, and this calculator is not applicable.
Basic common sense
(1) The interest rate conversion formula for RMB business is (note: common for deposits and loans):
1. daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.
2. Monthly interest rate (‰) = annual interest rate (%)÷ 12
(two) banks can use the product interest method and the transaction interest method to calculate interest.
1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:
Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:
If the interest-bearing period is a whole year (month), the interest-bearing formula is:
① Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
② Interest = principal × year (month) × year (month) interest rate principal × odd days × daily interest rate.
At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:
③ Interest = principal × actual days × daily interest rate
These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, it will be calculated as 365 days a year, and the result will be slightly biased. Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.
(3) Compound interest: Compound interest means adding interest at a certain interest rate. According to the regulations of the central bank, if the borrower fails to repay the interest at the time agreed in the contract, it will be charged with compound interest.
(4) Penalty interest: If the lender fails to repay the bank loan within the prescribed time limit, the penalty interest paid by the bank to the defaulter according to the contract signed with the parties is called bank penalty interest.
(V) loans overdue liquidated damages: penalties for the defaulting party with the same nature as penalty interest.
(six) the formulation and filing of interest calculation methods
The interest-bearing settlement rules and methods for deposit and loan business formulated by national commercial banks as legal persons shall be reported to the head office of the People's Bank of China for the record, and the customers shall be informed; Regional commercial banks and urban credit cooperatives should be reported to the branches of the People's Bank of China and the central branch of the provincial capital for the record, and inform customers;
County rural credit cooperatives as legal persons may, according to the actual situation of the county rural credit cooperatives, formulate the rules for interest calculation and settlement and the interest-bearing measures for deposit and loan business, and report them to the branch of the People's Bank of China and the central branch of the provincial capital for the record, and the rural credit cooperatives as legal persons shall notify the customers.
(7) Reference basis:
1. Provisions on the Administration of RMB Interest Rate (Yinfa 199977).
2. Notice of the People's Bank of China on issues related to the interest rate of RMB loans. 200325 1).
3. Notice of the People's Bank of China on Interest Calculation and Settlement of RMB Deposits and Loans (Yinfa [2004]10/No.. 2005 129).