How to calculate the mortgage loan
The formula for calculating the mortgage loan:
1. The monthly principal and interest payment amount is - [your principal × each Monthly monthly interest rate × (1 monthly interest rate) × number of repayment months] ÷ [(1 monthly interest rate) × number of repayment months - 1]
2. Among them
Your monthly interest = remaining principal × monthly interest rate of the loan. Your monthly principal = monthly payment amount - monthly interest
3. Calculation The principle
is that the bank first collects the interest on your remaining principal from your monthly payment, and then collects your principal; and the interest is charged on your monthly payment. Although the proportion of the principal in your monthly payment slowly decreases as the remaining principal decreases, and the proportion of the principal in your monthly payment increases, the monthly payment The total amount remains unchanged.
Home loan, also known as home mortgage loan. A home loan is when a home buyer fills out an application for a home mortgage loan to the bank and provides legal documents such as ID card, income certificate, house sales contract, letter of guarantee, etc. that must be submitted. The bank will make a commitment to the home buyer after passing the review. Grant loans, and handle real estate mortgage registration and notarization based on the house sales contract provided by the home buyer and the mortgage loan contract signed between the bank and the home buyer. The bank will directly transfer the loaned funds to the house selling unit within the period specified in the contract. on the bank's account.
Housing Loans
Personal housing loans refer to loans issued by banks to borrowers for the purchase of ordinary houses for self-use. Borrowers must provide security when applying for a personal home loan. There are three main types of personal housing loans: entrusted loans, self-operated loans and portfolio loans. Entrusted loans
Personal housing entrusted loans refer to loans issued by banks to individuals purchasing ordinary housing in accordance with specified requirements, using housing provident fund deposits as the source of funds, and in accordance with the entrustment of the housing provident fund management department. Also called provident fund loan.
Self-operated loans
Personal housing self-operated loans are loans issued to individual home buyers with bank credit funds as the source. It is also called commercial personal housing loan, and the loan names of each bank are also different. China Construction Bank calls it personal housing loan, and Industrial and Commercial Bank of China and Agricultural Bank of China call it personal housing guaranteed loan.
Combined loans
Personal housing portfolio loans refer to loans issued to the same Xunkuan borrower from housing provident fund deposits and credit funds for the purchase of ordinary housing for self-use. It is a personal housing loan. A combination of entrusted loans and self-operated loans. In addition, there are housing savings loans and mortgage loans.
Mortgage repayment methods: equal principal, equal principal and interest, biweekly payment, etc.;
Loan amount: After passing the bank review, you can loan 80% of the property value .
Mortgage down payment: A mortgage loan for a first home requires a down payment of 30%, and a mortgage loan for a second home requires a down payment of 50%.
Loan period: The loan period for first-hand houses is 30 years, and that for second-hand houses is 20 years. At the same time, the loan period plus the age of the applicant shall not exceed 70 years old.
Loan interest rates: The benchmark interest rate for first-home loans with a term of more than 5 years is 6.55, and the interest rate for second-home loans is 1.1 times higher than the benchmark interest rate, which is 7.26.
Methods
There are three types of housing loans, namely bank commercial loans, provident fund loans, and combination loans.
Home loan calculation formula
Loan interest is a kind of principal interest paid by home buyers according to the interest rate specified by the bank when they borrow money from the bank. The calculation formula of interest is:
Interest = principal × interest rate × deposit period (that is, time).
The calculation of mortgage interest will vary depending on the loan method and mortgage repayment method.
According to different mortgage repayment methods, mortgage interest calculation can be divided into two calculation methods: equal principal and interest and equal principal. To calculate mortgage interest, you must first understand the basic knowledge of interest:
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.
Extended information:
There are two calculation formulas according to the general mortgage repayment methods:
1. Calculation formula of equal principal and interest:
Calculation principle: From the monthly monthly payment, the bank first collects the interest on the remaining principal and then the principal; the proportion of interest in the monthly payment will decrease with the reduction of the remaining principal, and the principal will be charged in the monthly payment. The percentage in has increased due to the increase, but the total monthly payment remains the same.
What needs to be noted is:
1. The maximum amount of provident fund loans in various cities should be considered based on local conditions;
2. For those who have already taken a loan to purchase a house However, if the per capita area is lower than the local average, residents who apply to purchase a second ordinary owner-occupied house will be subject to the preferential policies for purchasing an ordinary owner-occupied house with a first loan.
2. Calculation formula of equal principal:
Monthly repayment = monthly principal, monthly principal and interest
Monthly principal = principal/ Number of repayment months
Monthly principal and interest = (principal - total cumulative repayment) Decrease due to decrease in remaining principal.