1. The interest calculation formula of mortgage loan is: interest = residual principal × monthly interest rate. If full repayment is made in advance, the interest at this time = remaining principal on the last repayment date × monthly interest rate /30× actual days from the last repayment date to the full repayment date. The bank will calculate for you how much principal has not been paid back in the last five years, and then you just need to pay back the principal.

2. Specific process: apply to the bank for prepayment, and the bank will arrange prepayment plan for you. Pay attention to three details when repaying loans in advance.

Extended data:

1. Commercial loans are loans used to supplement the working capital of industrial and commercial enterprises. Generally, they are short-term loans, usually 9 months, and no more than one year at most, but there are also a few medium-and long-term loans. This kind of loan is the main part of commercial bank loans, generally accounting for more than one-third of the total loans.

2. Commercial loans, also known as individual housing loans, are commercial banks and housing savings banks approved by the People's Bank of China, which provide loans for urban residents to purchase ordinary housing for their own use and implement the statutory loan interest rate. Many commercial banks in Beijing have this business, such as CCB and ABC. The procedures for applying for loans are basically the same.

3. Personal housing commercial loans are self-operated loans issued by banks with their credit funds. Specifically, a natural person with full capacity for civil conduct applies to the bank for a commercial housing loan as a loan repayment guarantee when purchasing a self-occupied house in a town in this city, with the purchased property housing (or other guarantee methods recognized by the bank) as collateral. Mortgage loan is a kind of commercial loan.

4. Personal housing commercial loan is a kind of loan that China citizens apply to the bank for the purchase of commercial housing. According to the relevant regulations of the bank, anyone who meets one of the following two conditions can apply for loan varieties: first, residents who participate in housing savings; Second, the house seller and the loan bank agreed that the real estate guarantee enterprise would provide guarantee to the bank for the residents' house purchase loan.

5. Commercial loans refer to the proportion of the balance of commercial loans provided by housing guarantee institutions at the end of the statistical period.

Source: Baidu Encyclopedia: Commercial loans