Calculate how much it will cost to decorate your home

Because housing prices in our country are now very high and ordinary families who want to buy a house are unable to pay in full, so most people will Choosing a mortgage loan can relieve a lot of pressure. You only need to repay the principal and interest monthly to buy a house. So what is the interest rate of a housing mortgage loan?

1. What is the housing mortgage loan interest rate?

According to the mortgage loan interest rate currently announced by the People's Bank of my country:

①0 to 6 months (including 6 months ) The annual interest rate for the loan is 4.35.

②The annual interest rate for loans from 6 months to 1 year (including 1 year) is 4.35.

③The annual interest rate for loans from 1 to 3 years (including 3 years) is 4.75.

④The annual interest rate for loans from 3 years to 5 years (including 5 years) is 4.75.

⑤The annual interest rate for loans from 5 years to 30 years (including 30 years) is 4.9.

⑥If you are buying your first home, you can enjoy a discount that can reach as low as 30% off the base interest rate.

2. How to calculate mortgage loan interest rates

The calculation method of mortgage loan interest rates is divided into: equal principal and interest method, adding the total principal and total interest of the mortgage loan, and then dividing it evenly to each month of the repayment period. Repay the principal in equal installments, spread the principal to each month, and pay off the interest between the last transaction date and the current repayment date.

1. Calculation formula of equal principal and interest method: monthly repayment amount = principal * monthly interest rate * [(1 month interest rate)^n/[(1 month interest rate)^n-1]; where n Indicates the number of months of the loan, ^n represents the nth power, such as ^240, which represents the 240th power (loan for 20 years, 240 months), monthly interest rate = annual interest rate/12; total interest = monthly repayment amount * number of loan months - principal.

2. Calculation formula of the equal principal method: monthly repayment = principal/n remaining principal * monthly interest rate; total interest = principal * monthly interest rate * (number of loan months/2 0.5).

Editor’s summary: The above is the article shared by the editor today. What is the housing mortgage loan interest rate and how to calculate the mortgage loan interest rate? I hope the article shared by the editor can help everyone.

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