How to calculate monthly mortgage payment by formula
Matching repayment method of principal and interest: monthly repayment amount = [loan principal× monthly interest rate× (1+monthly interest rate )× repayment months ]=[( 1+ monthly interest rate )× repayment months]
Monthly interest payable = loan principal × monthly interest rate ×[( 1+ monthly interest rate) repayment months -( 1+ monthly interest rate) (repayment month serial number-1)] ÷ [(1+monthly interest rate) repayment months -650.
Monthly repayment principal = loan principal × monthly interest rate ×( 1+ monthly interest rate) ÷ (repayment month serial number-1)÷[( 1+ monthly interest rate) repayment months-1]
Total interest = repayment months × monthly repayment amount-loan principal
Main types of housing loans
1. Housing provident fund loan: For residents who have already paid the housing provident fund, low-interest housing provident fund loans should be preferred when buying a house. Housing provident fund loans have the nature of policy subsidies, and the loan interest rate is very low, which is not only lower than the loan interest rate of commercial banks in the same period (only half of the mortgage interest rate of commercial banks), but also lower than the deposit interest rate of commercial banks in the same period. In other words, there is a spread between the mortgage interest rate of the housing provident fund and the bank deposit interest rate. At the same time, when handling mortgage and insurance related procedures, the housing provident fund loan will be charged by half.
2. Personal housing commercial loans: The above two loan methods are limited to employees who have paid the housing provident fund, and there are many restrictions. Therefore, people who have not paid the housing provident fund have no chance to apply for loans, but they can apply for personal housing secured loans from commercial banks, that is, bank mortgage loans. As long as your balance in the loan bank accounts for not less than 30% of the funds needed for house purchase, and it is used as the down payment for house purchase, and the assets recognized by the loan bank are used as collateral or pledge, or the units or individuals with sufficient compensation ability are used as guarantors to repay the loan principal and interest and bear joint liability, then you can apply for using the bank mortgage loan.
3. Personal housing portfolio loan: the provident fund loan that can be issued by the housing provident fund management core, and the upper limit is generally10-290,000 yuan. If the purchase price exceeds this limit, the insufficient part shall apply to the bank for commercial housing loans. These two kinds of loans are collectively called portfolio loans. This business can be handled by the real estate credit department of the bank. The interest rate of portfolio loan is moderate, and the loan amount is large, which is more for the lender to choose.
About how to calculate the monthly mortgage payment and the main types of housing loans, you should have a specific understanding now! After understanding these situations, when you choose to buy a house by stages, you must calculate the monthly house payment in advance to see if your income can be repaid. If not, Bian Xiao suggests that you still don't give up buying a house. This will bring great economic pressure to everyone's daily life and affect their normal life.