The equal principal amount has the following calculation formulas:
1. Monthly principal repayment = total loan amount ÷ number of repayment months;
2. Repayment Total interest = (number of repayment months + 1) × loan amount × monthly interest rate ÷ 2;
3. Monthly repayment amount = (principal ÷ number of repayment months) + (principal - cumulative Principal repaid) × monthly interest rate;
4. Monthly repayment interest = (total loan amount - accumulated principal repaid) × monthly interest rate;
5. Total repayment = (number of repayment months + 1) × loan amount × monthly interest rate ÷ 2 + total loan amount.
Equal principal amount refers to a loan repayment method, which is to divide the total loan amount into equal parts during the repayment period, and repay the same amount of principal every month and the remaining loan amount incurred in that month. Since the monthly principal repayment amount is fixed and the interest is getting less and less, the borrower has greater repayment pressure at first, but as time goes by, the monthly repayment amount becomes less and less.
The calculation method
also makes it easy to determine your loan repayment ability based on your income.
The total expenditure of this repayment model may be reduced compared to equal amounts of principal and interest, but the repayment pressure is greater at the beginning.
If used for housing loans, this method is more suitable for people who are at their peak working stage, or who are about to retire.
Equal principal loan calculation formula:
Monthly repayment amount = (loan principal/number of repayment months) + (principal - cumulative amount of principal repaid)× Monthly interest rate
Small loan and low interest rate:
Examples:
1. Loan of 120,000 yuan, annual interest rate 4.86%, repayment The term is 10 years;
Equal installments of principal and interest: repayment after 10 years is 151,750.84 yuan, with a total interest of 31,750.84 yuan;
Equal installments of principal: repayment after 10 years is 149,403.00 yuan, with a total interest of 29,403.00 yuan ;
The difference between the two is 2347.84 yuan/10 years, which is only 235 yuan a year.
2. Loan of 120,000 yuan, annual interest rate 4.86%, repayment period 20 years;
Equal principal and interest: repayment after 20 years is 187,846.98 yuan, total interest 67,846.98 yuan;
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Equal principal amount: repayment after 20 years is 178,563.00 yuan, total interest is 58,563.00 yuan;
The difference between the two is: 9,283.98 yuan/20 years, a difference of only 465 yuan in one year.
3. Loan of 3 million yuan, annual interest rate 4.86%, repayment period 30 years;
Equal principal and interest: repayment after 30 years is 5705618.40 yuan, total interest 2705618.40 yuan;
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Equal principal amount: repayment after 30 years is 5,193,073.80 yuan, total interest is 2,193,075.00 yuan;
The difference between the two is nearly 510,000 yuan. The more loans, the longer the term, and the equal principal and interest ratio is 2193,075.00 yuan. The greater the gold repayment.
An equal amount of principal and interest is to repay the same amount of loan (including principal and interest) every month during the repayment period.
Monthly repayment amount = [Loan principal×monthly interest rate×(1+monthly interest rate)^number of repayment months]÷[(1+monthly interest rate)^number of repayment months-1]< /p>
Features of the equal principal and interest repayment method: The principal of the equal principal and interest repayment method increases month by month, the interest decreases month by month, and the monthly repayment amount remains unchanged; compared with the equal principal repayment method, the disadvantage is that the interest expense is relatively small The interest in the early stage of repayment accounts for the majority of the monthly payment, and as the principal is gradually returned, the proportion of the principal in the payment increases. However, this method has a fixed monthly repayment amount, which can control the expenditure of family income in a planned way, and also facilitates each family to determine their loan repayment ability based on their own income.
Features of the equal principal repayment method: The principal of the equal principal repayment method remains the same, the interest decreases month by month, and the monthly repayment amount decreases; because the monthly repayment principal amount is fixed, and the interest increases The borrower is under greater pressure to repay initially, but as time goes by, the monthly repayments become smaller and smaller.