1, loan interest calculation method: mortgage interest is calculated according to the residual principal, and the residual principal is the highest at the beginning of the loan, so the interest expense is also the highest. In order to ensure that the monthly repayment amount is relatively stable, banks will ask for more principal in the first month to reduce the remaining principal, thus reducing the subsequent interest expenses.
2. Loan term: Mortgage usually has a long loan term, such as 20 years or 30 years. In such a long time, interest expenses will account for a large part of the repayment amount. In order to reduce the loan principal as soon as possible, the bank will ask for part of the principal in the first month to speed up the process of paying off the loan.
3. Risk control: Banks need to consider risk control when issuing loans, especially for first-time buyers or borrowers with bad credit records. Requiring to repay more principal in the first month can reduce the risk of banks and ensure that borrowers have sufficient repayment ability.
To sum up, it is required to repay part of the principal in the first month in order to reduce the subsequent interest expenses, speed up the repayment process of the loan and reduce the risk of the bank.
Pay attention to personal credit and don't blindly apply for loans. Otherwise, once big data is spent, it will be rejected because the comprehensive score is not enough. Get a big data report in "Zhicha" and clearly understand your situation in online loan big data. The database cooperates with more than 2,000 online lending platforms, and the query data is accurate and complete. You also need to pay attention to personal credit.