If you want to calculate the mortgage interest at 5.88% interest rate, it mainly depends on the repayment method you choose. There are two main ways of mortgage repayment: equal principal and interest and average principal.

If the mortgage chooses equal principal and interest, the calculation formula is:

Monthly repayment amount (principal+interest) = [loan principal × monthly interest rate× (1+monthly interest rate) repayment months ]=[( 1+ monthly interest rate) repayment months-1]. Total interest = [loan principal× monthly interest rate× (1+monthly interest rate )× repayment months ]=[( 1+ monthly interest rate )× repayment months-loan principal.

Suppose the customer borrows 600,000 yuan with a term of 20 years. According to the calculation formula, the monthly repayment is 4257. 1527, and the total interest is 42 17 16.66.

And if the average capital is mortgaged, the calculation formula is:

Monthly repayment amount (principal+interest) = (loan principal ÷ repayment months)+(loan principal-accumulated amount of repaid principal) × monthly interest rate. Monthly interest = (loan principal-accumulated principal repayment amount) × monthly interest rate.

Similarly, assuming a loan of 600,000 yuan with a term of 20 years, according to the calculation formula, the repayment in the first month can be calculated as 5440, and then it will be reduced by 12.25 every month, with a total interest payment of 354,270.