1. installment payment
There are many ways to pay by installment, such as matching principal and interest, average capital, paying interest first, then paying principal, etc. Among them, equal principal and interest is the most commonly used method. This method refers to the fixed monthly repayment of principal and interest within the loan term, with the same repayment amount in each installment. Average capital refers to the repayment of the same principal and decreasing interest every month within the loan period, with different repayment amounts in each period. Interest before capital means that only interest is paid in previous years, not principal, and then principal and interest are paid later.
2. Calculation of installment payment
Take equal principal and interest as an example, let's see how to calculate the installment amount. First of all, what needs to be determined is the total loan amount, loan term and annual interest rate. Assume that the total purchase price is 6,543,800 yuan, the loan period is 30 years, and the annual interest rate is 5%. According to these conditions, the monthly repayment amount is calculated by matching the principal and interest.
Under the method of matching principal and interest, the monthly repayment amount = (monthly interest rate of loan principal (1+ monthly interest rate) repayment periods) ((1+ monthly interest rate) repayment periods-1).
Among them, the loan principal is 6,543,800 yuan, the monthly interest rate is 12 and the repayment period is 30 12=360 months.
According to the above formula, the monthly repayment amount is about 5368 yuan. This figure seems small, but the loan term is 30 years, and the accumulated repayment amount will reach about 6.5438+0.93 million, of which interest accounts for more than 6.5438+0.03 million.
3. Preventive measures
Although installment payment is a flexible payment method, there are some precautions. First of all, due to the existence of loan interest, the total interest paid by installments usually exceeds the total purchase price. Therefore, when choosing the installment payment method, we should consider our own financial situation and affordability.
Secondly, installment payment needs to sign a contract, and pay attention to the specific meaning and responsibility of each clause in the contract. Before signing a contract, you should fully understand the contents of the contract to ensure that there are no loopholes and risks.
Finally, installment payment needs to be repaid on time, otherwise there will be penalty interest and liquidated damages. Therefore, when choosing the installment payment method, you should ensure that you have enough repayment ability and repay on time within the repayment period.
In short, installment payment is a common payment method for house purchase, and it is very important for everyone to choose the one that suits them. When choosing the installment payment method, you should fully consider your financial situation and affordability, and pay attention to the contract content and timely repayment.