Both deposits and loans in China have benchmark interest rates set by the central bank, and banks can raise or lower the benchmark interest rates according to the situation. Take a three-year deposit as an example. The benchmark interest rate is 2.75%. Most banks can float about 30% when making deposits, and only certificates of deposit can float up to 55%.
Specific to mortgage, it is a long-term loan with a term of more than five years. At present, the benchmark interest rate of the central bank is 4.90%, which is a historically low level. Before the adjustment of the benchmark interest rate of 20 15, the mortgage interest rate was on the high side, and the interest rate of loans over five years was as high as 6. 14%. Therefore, some banks have lowered their loans, which is what we call the lowest discount, 30%, as low as 4.298%. Today, due to the need of regulation and the low benchmark interest rate, most of them are floating.
From 2065438 to February 2009, the average interest rate of the first suite in China was 5.63%, which was equivalent to the benchmark interest rate rising 14.9%.
For lenders, the loan contract will indicate whether the mortgage is floating or discounted, and of course some loans are fixed interest rates. If it is a fixed interest rate, no matter how the benchmark interest rate of the central bank is adjusted in the future, the loan interest rate will remain unchanged, and the monthly repayment amount will remain unchanged under the method of equal principal and interest repayment. If the interest rate fluctuates, it will rise or fall with the adjustment of the benchmark interest rate, and the monthly repayment amount will change at the beginning of the next year when the new interest rate is implemented.
Speaking of loan interest, it is related to loan amount, loan interest rate, loan time and repayment method.
The basic fact is very simple:
1, the less the loan amount, the less the interest;
2. The lower the loan interest rate, the less interest;
3. The shorter the loan time, the less interest;
4. In most cases, the repayment method in the average capital is less than the equal principal and interest;
The most common repayment methods of loans are equal principal and interest and average capital.
Matching principal and interest repayment method is to calculate all interest according to the interest rate, and then average the principal and interest to the whole loan period, and the monthly repayment amount remains unchanged. The advantage of this is that the monthly repayment amount is consistent, and the repayment ability can be measured according to the income situation. The disadvantage is that most of the previous repayments are interest, and more interest should be paid.
The repayment method in the average capital is to calculate the principal and interest in equal amount, and the principal is the same every month. With the decrease of interest, the total interest is recalculated every month, and the corresponding interest is also decreasing. The advantage is that you can save some interest, but the disadvantage is that the amount of repayment in advance is high and the repayment pressure is great.
Taking the loan of 6,543.8+0,000 yuan and the annual interest rate of 5.63% for 20 years as an example, we can see the intuitive results:
The repayment method of equal principal and interest is 6.5438+0.3 million yuan more than the average capital, but the average capital to be repaid in the first month of repayment is 654.38+0.900 yuan more than the equal principal and interest.
For people with higher income, it is most appropriate to choose average capital as a loan. If the monthly repayment accounts for more than 30% of the family income, the principal and interest should be equal.
Reducing the loan amount can save interest. If it is the repayment method of equal principal and interest, because most of the early repayment is interest, the earlier the repayment, the more interest can be saved. Whether it is equal principal and interest or average principal, if the repayment period can be shortened in advance, it will generally save more interest than reducing the monthly repayment amount.