Pay off the mortgage in advance in the sixth year, assuming that the repayment is just 5 whole years, that is, 60 periods;
"Equal principal and interest" repayment method
Annual interest rate =5. 1%, monthly interest rate = annual interest rate/12=0.425%.
First, calculate the monthly repayment amount.
Formula monthly repayment amount = loan amount and monthly interest rate /[ 1-( 1 interest rate)-repayment months]
Monthly repayment amount = 3000000.425%/[1-(10.425%)-180]
Monthly repayment amount = 2388.04 yuan
Calculate the remaining principal after the 2.60 period.
The formula residual principal = monthly repayment amount [1-( 1 monthly interest rate)-(remaining months-1)]/ monthly interest rate.
Residual principal = 2388.04 [1-(10.425%)-119]/0.425%.
Residual principal = 222,677.65 yuan.
Three. Calculate the one-time repayment amount after 60 installments.
Formula lump sum repayment amount = {loan amount-monthly repayment amount [1-( 1 interest rate)-paid months]/monthly interest rate} (1 interest rate) (paid months).
One-time repayment amount = {300,000-2,388.04 [1-(10.425%)-60]/0.425%} (10.425%) 61.
One-time repayment amount = 225,065.69 yuan
Results:
The remaining principal of the loan after five years (60 installments) repayment is 222,677.65 yuan; After 60 installments, a one-time repayment of 225,065.69 yuan can pay off the loan.
Paying off the loan in advance can save interest by 6 1, 498.85 yuan.
The loan of China Industrial and Commercial Bank is 306,5438+the interest in 2005 is 65,438+06,000. Is it worth moving forward?
ICBC's 2005 loan of 3065438+ interest 16000 was cost-effective in advance. According to relevant data, the interest on the remaining part is saved after prepayment, which is also a lot of money.
The mortgage is 300,000 yuan, and the equal principal and interest are paid off 15. It has been paid off in four years. Now, do you want to pay in one lump sum?
Mortgage prepayment repays the loan principal, not the loan interest. Mortgage prepayment can be divided into two situations, one is full prepayment and the other is partial prepayment.
Full prepayment refers to one-time settlement of mortgage principal and interest. After all prepayment, the interest will be calculated from the day when the principal and interest of the bank are paid off. In other words, as long as you borrow from the bank, the interest will be calculated.
Partial prepayment means that only a part of the loan principal and interest is repaid, and the remaining principal and interest are not settled. The outstanding loan principal and interest shall be subject to the loan interest rate agreed in the original loan contract.
There are two repayment methods to choose from for the part of the outstanding loan balance repaid in advance. One is to shorten the repayment cycle, and the monthly payment is inconvenient; Second, the repayment period remains unchanged, reducing the monthly payment. In contrast, the former can save more interest. Liquidated damages may be charged for early repayment, which shall be subject to the loan contract. Please consult your loan bank for details.
Tips: The above contents are for reference only, and no suggestions are made. If you need funds, you can log in to Ping An Pocket Bank APP- Loan for details and try to apply.
Reply time: 2022-0 1-2 1. Please refer to the latest business changes announced by Ping An Bank in official website.
20 1 7 may1,China agricultural bank mortgage loan 30 15, equal principal and interest. How much should I repay in advance after 3 years, and do I need liquidated damages?
Hello! The handling method of prepayment of personal housing mortgage loan of Agricultural Bank of China is as follows: When the borrower applies for prepayment of mortgage loan, he must submit a written application to the lender at least 30 days in advance and get the consent of the lender. As the actual situation varies from place to place, please contact the Lender's account manager for communication. The information to be carried in the prepayment of individual housing loan is the borrower's identity document, the individual housing loan guarantee contract and the original housing loan repayment card (discount), and an application shall be submitted to the original loan agency in advance according to the contract. Please consult your local loan bank for details. The collection standard of liquidated damages for prepayment is based on the loan contract signed by the customer and our bank. Please check the loan contract or contact the loan agency for verification.
(Answer time: June 25th, 2022 10. In case of business changes, please refer to the actual situation. )