I want to buy a house with an area of 100 square meter. The unit price is 10000 RMB per square meter. The down payment accounts for 30% of the total price and the mortgage interest rate is 6.8%. What is the monthly payment? What is the total interest? We need to divide the time here. We use the equal principal and interest method and the average capital method to calculate the relevant repayment data and information with a loan term of 20 years.
Equal principal and interest method
Matching principal and interest, that is, the monthly repayment amount is equal, including all principal and interest. It and the average capital are two completely different repayment methods of housing loans, and the calculation method is as follows:
Monthly repayment amount = principal * monthly interest rate *[( 1+ monthly interest rate) n/[( 1+ monthly interest rate) n- 1]
In the above formula, n represents the number of months of the buyer's housing loan, and n represents the power of n. Here we use 20 years, that is, 240 months, and n = 240.
Monthly interest rate = annual interest rate/12
Total interest amount = monthly repayment amount * loan months-principal amount
The principal amount is house area * house unit price. Here we use a house of 65,438+000 square meters, and the unit price is 65,438+00,000 RMB, so the principal = 65,438+000,000 RMB, and the down payment is 30%, so the principal amount to be substituted is 700,000 RMB.
According to the above formula, it can be concluded that the monthly repayment amount is 5343.38? Yuan. The total repayment amount is1282411.20? Yuan, the total interest is 5824 1 1.20? Yuan.
Average capital method
Average capital divides the total loan amount into equal parts during the repayment period, and repays the equal principal and interest generated by the remaining loans every month. The calculation method is as follows:
Monthly repayment amount = principal amount /n+ remaining principal amount * monthly interest rate
Total interest amount = principal amount * monthly interest rate * (loan months /2+0.5)
Where n is still the number of loan months, and the interest rate is still 6.8% of the mortgage interest rate. The value calculated according to the above method is as follows: the repayment in the first month at the beginning of the period should be around 6883.33? Yuan, but the repayment in the last month should be around 2933. 19 yuan. The total repayment within 20 years is about 1 177983.33? Yuan, and the total interest is about 477983.33? Yuan.
As can be seen from the two calculations here, the total interest and total repayment amount of the average capital are less than the equal principal and interest.
In recent years, because the unit price of housing has been high, buying a house is a big burden for many people, but the lack of understanding of housing loans makes many people unclear how to choose repayment and loan methods. After today's answer, I think many people should understand the difference between average capital and equal principal and interest. How to choose still needs to vary from person to person. The total repayment amount of average capital is small, but the initial repayment amount is large, and the monthly repayment amount of equal principal and interest is small, but the total interest and total repayment amount are very small.
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