What is the interest rate after converting 88 into LPR? Different regions and different banks will have different basis points. For example, Beijing's mortgage interest rate is linked to LPR. The minimum interest rate for the first set of commercial personal housing loans is LPR plus 55 basis points, and the minimum interest rate for the second set of commercial personal housing loans is LPR plus 105 basis points.

For example:

Suppose the house purchased by the customer is the first suite, and the mortgage repricing date refers to the loan date, which was July 25th last year. Since the LPR quoted on July 20th, 2020 was: 1 year, the LPR was 3 .85%, and the five-year LPR was 4.65%, the mortgage interest rate of 5.88% would be 4.65% after being converted into LPR. Friendly reminder:

The mortgage interest rate can only be converted once and cannot be changed after conversion. Once determined, the basis point will remain fixed during the subsequent loan period. Although LPR will change, the mortgage loan has passed the equal weight pricing cycle. When the pricing date comes, the new interest rate will be calculated according to the new LPR.

1. Does the annual interest rate of the first suite exceed 5.88?

Does the annual interest rate of the first suite exceed 5.88? The interest rate of 5.88 for the first home loan is indeed a bit high. However, it may be because the policies that should be used are not enough. If you may not have applied for provident fund loans, the first set of housing loan policy is not used enough, or there may be some problems in your career, income and credit information, which leads to such a high interest rate.

1 and 5.88% are equal to the benchmark interest rate of 4.9%, which is 20% higher, and 5.88% is higher than the above-mentioned normal portfolio loan interest rate of 4.35% 1.53%. In this way, if the loan is 20 years, the interest paid will increase a lot.

2. If the total loan amount is 6,543.8+0,000 yuan and the loan term is 20 years, the monthly repayment is 709,525 yuan, and the total interest is 702,800 yuan. At the annual interest rate of 5.88%, the total repayment amount is 6,543.8+0.7028 million yuan.

3. Borrow RMB 6,543,800 yuan for 20 years, with total interest at an annual rate of 5. 88% is 702,800 yuan, while the total interest with an annual interest rate of 4.35% is only 499,000 yuan, a difference of 203,800 yuan. It can be seen that the gap between the two is still obvious. Therefore,

The annual interest rate of 5.88% is indeed a bit high.