2. Calculation formula of matching principal and interest repayment method: monthly matching principal and interest repayment = loan principal× monthly interest rate+loan principal× monthly interest rate /( 1+ monthly interest rate) repayment period-
3. It can be calculated by prepayment calculator. Just enter some key information, such as the original loan amount and the original loan term. And you can calculate the monthly payment and interest saved after prepayment.
Second, is it cost-effective to repay the loan in advance? For the lender, it is cost-effective to repay the loan in advance before the loan term is less than one third. By the middle repayment period or if the repayment of the equal amount of principal has passed 1/3, the interest has basically been paid off, and the prepayment is mostly the principal. Interest rate fluctuations will not have much impact on the repayment amount, so it is of little significance to choose early repayment.
Third, the time to repay the loan in advance Most banks require at least one year before they can apply for early repayment, but some banks have indicated that they can apply for early repayment at any time. Among the state-owned banks, BOC and CCB need to repay for one year before they can apply for early repayment, while ICBC needs to repay half a year in advance. In addition, it takes one year for China Merchants Bank, Bank of Communications, East Asia and other banks to apply for early repayment, while Huaxia Bank said that it can apply for repayment at any time. Generally, the amount of mortgage is relatively large. If there is no special reason, few customers will repay the loan in advance within one year.