The loan interest rate of 5.88 is generally 5.88%, and we usually follow this standard. If you borrow100000 yuan from the bank with an annual interest rate of 5.88%, then the interest you need to pay every year is 5880 yuan. The conversion method of annual interest and monthly interest is: monthly annual interest = 12, annual interest is 5.88 and monthly interest is 0.49%.
What should I pay attention to when repaying my mortgage?
1. Pay attention to the repayment method. There are two repayment methods now, but many people don't care much when applying for loans, and don't even know what they use when repaying loans. Matching principal and interest repayment, that is, monthly repayment, that is, total principal and total interest, and then evenly distributed monthly. "Equal payment" is also common in banks. It is a common repayment method, which is more suitable for people with relatively high income but expected to see their income decline in the future.
2. Pay attention to the change of monthly supply. Generally speaking, the monthly repayment amount will change as the loan principal shrinks, so buyers should pay attention to monthly repayment. Some people think that to repay their mortgage every month, they just need to deposit money into their savings account every month. Therefore, sometimes, the monthly mortgage will increase instead of paying in advance, which is a default.
3. Be cautious about prepayment. Now the loan interest rate is so high, and there is an upward trend, so many people will choose to repay the loan in advance, so as to avoid high interest rates. But you should also understand that if the loan exceeds one year, you must pay the penalty, so it is not cost-effective to repay in advance.
4. Be careful with the water. If the mortgage is broken, the credit information will be greatly affected. No matter what happens, we can't let the bank go bankrupt, because the bank will severely punish them and their fines can't be ignored. If they don't pay the money within six months, then they will take the house to auction at a price lower than theirs, which will not be worth the candle.