There is no substantial difference between the annual mortgage interest rate and the monthly mortgage interest rate, but the conversion cycle is different. The annual interest rate/12 can get the monthly interest rate. The shortest loan term of mortgage is 1 year, so the annual interest rate is usually used to express the mortgage interest rate. In addition, the average capital and equal principal and interest can be selected as repayment methods for mortgage loans, and it will be more convenient to calculate the annual interest rate than the monthly interest rate.

The monthly interest rate refers to the percentage of interest and principal calculated every month, and the annual interest rate refers to the percentage of interest and principal calculated every year. Generally speaking, the annual interest rate is a few percent (%); And the monthly interest rate is a few thousandths (‰).

Suppose the annual interest rate is 7.47%, the principal is 5,000 yuan, the deposit period is one year, and the sum of principal and interest after maturity is: 5,000 yuan+5,000 yuan × 7.47% = 5,373.5 yuan 2. If the monthly interest rate is 6.225‰, the principal is 5,000 yuan, the deposit period is 1 month, and the sum of principal and interest after maturity is 5,000 yuan.

Because you pay the loan on a monthly basis, the monthly interest rate is implemented. For example, the loan is 1 0,000 yuan, 1 year, with an annual interest rate of 5.3 1%. If the principal and interest are repaid every month, it will be ￥857.50 yuan per month, with an annual interest rate of 857.50× 12- 10000 =

If the interest is paid at the annual interest rate, it will be paid off in one lump sum after one year, that is,10000× 5.31%= 531yuan, and the annual interest rate is× 0.7 ÷12 if the interest mortgage is 30% off. The interest rate is related to the length of the loan. The shorter the time, the lower the interest rate.

1, annual interest rate: refers to the interest rate of deposits or loans for one year; Annual interest rate12 = monthly interest rate.

2. Monthly interest rate: refers to the one-month deposit or loan interest rate; Monthly interest rate × 12= annual interest rate.

Is the annual interest rate of the first home loan 5.88% high?

The interest rate of the first home loan is 5.88%, which is 20% higher than the national benchmark mortgage interest rate of 4.9%, which is a relatively high interest rate. The benchmark interest rate of mortgage is 4.9%, and the benchmark interest rate of the central bank is 4.9%. All localities can choose floating rates according to local conditions. Some cities choose the first suite to float 5%~ 10%, and the second suite to float 10%~ 15%.