Mortgage interest is a kind of principal interest that buyers borrow from banks and pay at the interest rate stipulated by banks.
The calculation of mortgage interest will be different because of the different loan methods and mortgage repayment methods.
The longest loan period is not more than 30 years, and the second-hand housing provident fund loan is not more than 15 years; The loan amount is 70% of the appraised value of the house; The loan interest rate shall be implemented according to the loan interest rate of the same grade in the same period stipulated by the People's Bank of China, and the benchmark annual interest rate shall change according to the loan term.
Extended data
I. Mortgage repayment method
Equal principal and interest and average capital are two common ways of our loan. Although it sounds similar, in fact, the repayment interest varies greatly. Many people only know about loans and don't know the difference between them. It is easy to pay more and more interest and suffer losses from banks.
1, repayment method of equal principal and interest
Matching principal and interest repayment method refers to the repayment method of repayment of loan principal and interest in equal amount every month within the loan term.
Repaying the loan principal and interest in equal amount every month is the most common loan form in individual housing mortgage loan.
Applicable people: suitable for families with stable income, such as civil servants and teachers.
It is the repayment method adopted by most people at present.
The advantage of this method is that the borrower's repayment operation is relatively simple, and it is also convenient for us to pay the monthly payment in equal amount without reasonable arrangement of income and expenditure.
2. Average capital repayment method
The average capital repayment method refers to the monthly repayment of loan interest and principal within the loan term, in which the monthly repayment of principal is equal, and the monthly interest is calculated according to the sum of the remaining total principal.
Suitable for people: suitable for people with higher income but expected to reduce their income in the future, such as people facing retirement or people with strong repayment ability at the initial repayment stage, who want to return a large amount of funds at the initial repayment stage to reduce interest expenses.
The repayment method in average capital is characterized by distributing the principal evenly throughout the repayment period, calculating the interest on a daily basis according to the loan principal balance, and gradually reducing the monthly repayment amount, but the repayment speed of the principal remains unchanged.
Using this method, the monthly repayment amount is higher than the initial repayment of the same amount of principal and interest. In the case of a large loan amount, the difference can even reach 1000 yuan, but with the passage of time, the repayment burden will be gradually reduced.
Second, how to repay the loan more economically?
Compared with the two repayment methods, in the case of full repayment, the interest paid by "equal principal and interest repayment method" is higher than that paid by "average principal repayment method".
But not everyone should choose the "average capital repayment method" to repay the loan, but also combine their own financial situation.
For people with high salaries and diversified incomes, the "average capital repayment method" can be adopted;
If the cash strength is relatively strong, but there is no willingness to repay the loan in advance, the "average capital repayment method" can be used to repay the loan. As time goes on, the repayment of each installment will gradually decrease. Although this repayment method has great pressure on funds in the early stage, it can alleviate the pressure in the future.
If you are a civil servant, an ordinary teacher, an ordinary scientific researcher, or you have a stable job or want a simple life, it is recommended to choose the "equal principal and interest repayment method" because this repayment method has the same repayment amount in each installment, which is conducive to better arranging your life in advance.