For example, for a house of 100 square meters, 10,000 per square meter, a down payment of 30%, how much is the monthly payment, and how much is the total interest? Calculated based on a 20-year loan:

The total price of the house is 10,000 *100=1 million yuan, 30% of the down payment (300,000 yuan), the loan amount is 700,000 yuan, the loan term is 20 years, the mortgage interest rate is 6.8%, and the calculations are as follows according to the repayment method "equal principal and interest method, equal principal method" :

1. Equal principal method:

Calculation formula: monthly repayment amount = principal/n + remaining principal * monthly interest rate

Total interest = Principal*monthly interest rate*(number of loan months/2+0.5)

Calculated: the first month’s repayment amount is 6883.33 yuan (then it will decrease month by month, and the more you repay, the less), and the next month’s repayment amount will be 6883.33 yuan. The amount is 2933.19 yuan. The total repayment is 1,177,983.33 yuan, and the total interest is 477,983.33 yuan.

2. Equal principal and interest method:

Calculation formula: monthly repayment amount = principal*monthly interest rate*[(1+monthly interest rate)n/[(1+monthly interest rate) n-1]

In the formula, n represents the number of months of the loan, n represents the nth power, such as 240, which represents the 240th power (loan for 20 years, 240 months)

Monthly interest rate =Annual interest rate/12

Total interest = monthly repayment amount*number of loan months-principal

After calculation: the monthly repayment amount is 5343.38 yuan (the same every month). The total repayment is 1,282,411.20 yuan, and the total interest is 582,411.20 yuan.

What are the bank loan mortgage methods?

1. Equal-amount mortgage loan: It is based on the loan amount divided by the loan term (10 or 15 years * 12 months) equal to the principal. The interest decreases as the principal decreases. If you have money in the middle, you can pay back more or end it early. This method is more practical. Since you repay a larger amount in the early stage, you will reduce interest expenses, and it is more suitable for families with strong repayment ability.

2. Equal-amount principal and interest mortgage loan: The principal remains unchanged and the interest is amortized to each month according to the length of the loan period. If the interest rate remains unchanged, the monthly repayment during the loan period will be The amount of the loan remains unchanged, which allows family income expenditures to be controlled in a planned manner, and it is also convenient for each family to determine their loan repayment ability based on their own income.