The monthly payment is divided into equal amounts of principal and interest and equal amounts of principal. The annual interest rate of each bank's loan is also different. Taking the annual loan interest rate benchmark of 4.9% announced by the central bank in 2021 as an example, the loan is 300,000, in installments In 10 years, the monthly payment and total interest of equal principal and interest and equal principal are as follows:

For equal principal and interest, the monthly repayment amount is fixed, then the monthly monthly payment is 3167.32 yuan, and the total interest paid is 80078.62 Yuan.

For equal amounts of principal, the monthly repayment of the principal is the same, and the interest is reduced month by month. The total interest paid is 74,112.5 yuan. The first month's repayment is 3,725 yuan.

A home loan, also known as a home mortgage loan, requires a home buyer to fill in an application form for a home mortgage loan to the lending bank and provide legal documents such as ID card, income certificate, house sales contract, and guarantee letter. After passing the examination and passing the certification documents that must be submitted as required, the lending bank promises a loan to the home buyer, and handles real estate mortgage registration and notarization based on the house sales contract provided by the home buyer and the mortgage loan contract entered into between the bank and the home buyer. Within the period specified in the contract, the loaned funds will be directly transferred to the account of the selling unit with the bank.

Loan interest common sense

(1) The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1. Daily interest rate (0/000 )=Annual interest rate (%)÷360=Monthly interest rate (‰)÷30

2. Monthly interest rate (‰)=Annual interest rate (%)÷12

(2) Bank Interest can be calculated using the cumulative interest calculation method and the transaction interest calculation method.

1. The accumulation interest calculation method is based on the daily accumulated account balance based on the actual number of days, and interest is calculated by multiplying the accumulated accumulation number by the daily interest rate. The interest accrual formula is:

Interest = cumulative interest accrual amount × daily interest rate, where cumulative interest accrual amount = total daily balance.

2. The interest calculation method calculates interest on a case-by-case basis according to the predetermined interest calculation formula: interest = principal × interest rate × loan term. There are three specific methods:

The interest calculation period is the entire Years (months), the interest calculation formula is:

①Interest = principal × number of years (months) × year (months) interest rate

The interest calculation period lasts for a whole year (months) ) If there are fractional days, the interest calculation formula is:

②Interest = principal × number of years (months) × annual (months) interest rate + principal × number of fractional days × daily interest rate

< p>At the same time, the bank can choose to convert all interest calculation periods into actual days to calculate interest, that is, each year is 365 days (366 days in leap years), and each month is the actual number of days in the Gregorian calendar in that month. The interest calculation formula is:

③Interest = principal × actual number of days × daily interest rate

These three calculation formulas are essentially the same, but since there are only 360 days in a year in interest rate conversion, when actually calculated based on daily interest rates, one year will be 360 ??days. Calculated over 365 days, the results will be slightly biased. Which formula is used to calculate the specific formula? The central bank gives financial institutions the right to choose independently. Therefore, the parties and the financial institution can agree on this in the contract.

(3) Compound interest: Compound interest means charging interest at a certain rate. According to the regulations of the central bank, if the borrower fails to repay the interest within the time stipulated in the contract, compound interest will be charged.

(4) Penalty interest: If the lender fails to repay the bank loan within the prescribed time limit, the penalty interest imposed on the defaulter by the bank according to the contract signed with the party concerned is called bank penalty interest.

(5) Overdue loan liquidated damages: The nature is the same as penalty interest, and it is a punitive measure against the party who defaults on the contract.