Regarding the deduction time of mortgage, everyone may be different. The bank did not uniformly stipulate that the mortgage needs to be repaid before the date of each month. After all, everyone applies for a mortgage at a different time. The bank will tell the borrower when to repay after approval, so the borrower only needs to repay on time according to the repayment time stipulated by the bank.
In order to avoid the failure of repayment due to insufficient balance of repayment account, resulting in overdue and affecting personal credit. Of course, if it is not paid for the time being, you should contact the bank as soon as possible to discuss whether the time limit can be extended (some banks offer a grace period, and if it is not paid before the due repayment date, try to pay it back within the grace period).
The borrower only needs to ensure that his repayment account has sufficient funds and does not need to take the initiative to repay every month. Pay attention to the good habit of paying back on time, and pay more attention to whether the money in the repayment account is enough.
There are two common methods to calculate mortgage interest, the first is equal principal and interest, and the second is average capital. Specific calculation method of mortgage interest:
1. Equal principal and interest: monthly repayment amount = loan principal × [monthly interest rate× (1+monthly interest rate) repayment months ]{[( 1+ monthly interest rate) repayment months ]- 1}
2. Average capital: monthly interest = (total loan-accumulated principal repayment) × monthly interest rate; Monthly repayment of principal = total loan ÷ repayment months; Average total interest on capital = (repayment months+1)× total loan × monthly interest rate ÷2.
3. Calculation case: the loan is 500,000 yuan, the loan term is 20 years, the loan interest rate is 3.25%, and the interest is calculated in turn according to the equal principal and interest method of average capital. Matching principal and interest: the total interest is 180634.9 1 yuan, and the monthly interest starts from 1354. 17 yuan, and decreases by about 4 yuan every month; Average capital: the total interest is 163 177.08 yuan, and the monthly interest starts from 1354. 17 yuan, and decreases by about 6 yuan every month.
Characteristics of average capital and equal principal and interest repayment method;
1. Equal principal and interest repayment method is characterized by the same monthly repayment amount, which pays more total interest than the average capital method. The longer the loan term, the greater the interest difference. However, because the repayment amount is the same every month, it is suitable for family expenditure planning, especially for young people, and the principal and interest method can be adopted, because income will increase with age or promotion.
2. Average capital repayment method, characterized by different monthly repayment amounts, and the total amount of interest paid is less than the equal principal and interest method. However, this repayment method has a high repayment amount in the early stage of the loan period and is suitable for lenders with strong repayment ability in the early stage. The principal method can be used for the elderly, because income may decrease with age or retirement.