The calculation formula of mortgage interest is: interest = principal × interest rate × deposit period (i.e. time).
Mortgage interest is a kind of principal interest that buyers borrow from banks and pay at the interest rate stipulated by banks.
The calculation of mortgage interest will be different because of the different loan methods and mortgage repayment methods.
The longest loan period is not more than 30 years, and the second-hand housing provident fund loan is not more than 15 years; The loan amount is 70% of the appraised value of the house; The loan interest rate shall be implemented according to the loan interest rate of the same grade in the same period stipulated by the People's Bank of China, and the benchmark annual interest rate shall change according to the loan term.
Extended data
I. Mortgage repayment method
Equal principal and interest and average capital are two common ways of our loan. Although it sounds similar, in fact, the repayment interest varies greatly. Many people only know about loans and don't know the difference between them. It is easy to pay more and more interest and suffer losses from banks.
1, repayment method of equal principal and interest
Matching principal and interest repayment method refers to the repayment method of repayment of loan principal and interest in equal amount every month within the loan term.
Repaying the loan principal and interest in equal amount every month is the most common loan form in individual housing mortgage loan.
Applicable people: suitable for families with stable income, such as civil servants and teachers.
It is the repayment method adopted by most people at present.
The advantage of this method is that the borrower's repayment operation is relatively simple, and it is also convenient for us to pay the monthly payment in equal amount without reasonable arrangement of income and expenditure.
2. Average capital repayment method
The average capital repayment method refers to the monthly repayment of loan interest and principal within the loan term, in which the monthly repayment of principal is equal, and the monthly interest is calculated according to the sum of the remaining total principal.
Suitable for people: suitable for people with higher income but expected to reduce their income in the future, such as people facing retirement or people with strong repayment ability at the initial repayment stage, who want to return a large amount of funds at the initial repayment stage to reduce interest expenses.
The repayment method in average capital is characterized by distributing the principal evenly throughout the repayment period, calculating the interest on a daily basis according to the loan principal balance, and gradually reducing the monthly repayment amount, but the repayment speed of the principal remains unchanged.
Using this method, the monthly repayment amount is higher than the initial repayment of the same amount of principal and interest. In the case of a large loan amount, the difference can even reach 1000 yuan, but with the passage of time, the repayment burden will be gradually reduced.
Second, how to repay the loan more economically?
Compared with the two repayment methods, in the case of full repayment, the interest paid by "equal principal and interest repayment method" is higher than that paid by "average principal repayment method".
But not everyone should choose the "average capital repayment method" to repay the loan, but also combine their own financial situation.
For people with diversified incomes, the "average capital repayment method" can be adopted;
If the cash strength is relatively strong, but there is no willingness to repay the loan in advance, the "average capital repayment method" can be used to repay the loan. As time goes on, the repayment of each installment will gradually decrease. Although this repayment method has great pressure on funds in the early stage, it can alleviate the pressure in the future.
If you are a civil servant, an ordinary teacher, an ordinary scientific researcher, or you have a stable job or want a simple life, it is recommended to choose the "equal principal and interest repayment method" because this repayment method is conducive to better arranging your life in advance.
How to calculate the interest on housing loan?
Loan interest is a kind of principal interest that buyers borrow from banks and pay at the interest rate stipulated by banks. The calculation formula of interest is:
Interest = principal × interest rate× deposit period (i.e. time).
The calculation of mortgage interest will be different because of the different loan methods and mortgage repayment methods.
According to the different repayment methods of mortgage, the calculation of mortgage interest can be divided into two calculation methods: equal principal and interest and average principal.
How to calculate the mortgage interest? First of all, we should understand the basic knowledge of interest.
I. The interest rate conversion formula for RMB business is (note: common for deposits and loans):
Daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.
2. Monthly interest rate (‰) = annual interest rate (%)÷ 12
Two, banks can use product interest method and transaction interest method to calculate interest.
1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:
Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:
If the interest-bearing period is a whole year (month), the interest-bearing formula is:
① Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
② Interest = principal × year (month) × year (month) interest rate principal × odd days × daily interest rate.
At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:
③ Interest = principal × actual days × daily interest rate
These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, it will be calculated as 365 days a year, and the result will be slightly biased.
Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.
Extended data:
Calculation method
Tool description
1, operation steps:
Step 1: First, choose whether your repayment method is average capital or equal principal and interest, and fill in the commercial loan term, loan amount and actual loan interest rate;
Step 2: Select whether to display repayment details, and click "Calculate" to get detailed information such as monthly repayment amount, total loan interest, total repayment amount, etc.
point out
1. Commercial loans are loans used to supplement the working capital of industrial and commercial enterprises. Generally, they are short-term loans, usually 9 months, and no more than one year at most, but there are also a few medium-and long-term loans. This kind of loan is the main part of commercial bank loans, generally accounting for more than one-third of the total loans.
2. Calculate the monthly payment, total interest and total repayment of commercial loans when choosing the repayment method of average capital and equal principal and interest.
According to the repayment formula of general mortgage loans, it can be divided into two types:
I. Calculation formula of equal principal and interest:
Calculation principle: from the beginning of monthly contribution, the bank collects the interest of the remaining principal first, and then the principal; The proportion of interest in monthly payment decreases with the decrease of residual principal, and the proportion of principal in monthly payment increases with the increase, but the total monthly payment remains unchanged.
It should be pointed out that:
1, the maximum amount of urban provident fund loans should be combined with local conditions;
2. For residents who have borrowed money to buy a house but whose per capita area is lower than the local average, and then apply for buying a second set of ordinary self-occupied housing, the preferential policies for buying ordinary self-occupied housing with the first set of loans shall be implemented mutatis mutandis.
Second, the average capital calculation formula:
Monthly repayment = monthly principal, monthly principal and interest
Monthly principal = principal/repayment months
Monthly principal and interest = (principal-total accumulated repayment) x monthly interest rate
Calculation principle: the amount of principal returned every month is always the same, and the interest will decrease with the decrease of the remaining principal.
Formula description
According to the above formula
Principal: total loan amount
Number of repayment months: loan term X 12. For example, for a loan of 10 years, the repayment period is 10X 12= 120 months.
Monthly interest rate: monthly interest rate = annual interest rate/12.
Annual interest rate: that is, in the hot topic of mortgage discussion, the figure obtained after the base interest rate is 30% off and 8.5% off.
Cumulative repayment amount: the cumulative repayment amount in the first month of average capital repayment law is 0.
For example: 2009 annual interest rate table
Basic annual interest rate: 5.94%
15% annual interest rate: 5.05%
30% annual interest rate: 4. 16%
Annual interest rate of provident fund: 3.87%
explain
Mr. Wang borrowed 400,000 yuan from the bank to buy a house and paid it off in 20 years. The bank gave Mr. Wang a 30% interest rate.
If the annual interest rate is changed to monthly interest rate, the monthly interest rate is 4.16%/12 = 0.00347.
Average capital repayment method:
Monthly principal = 400,000/240 =1.67
Monthly principal and interest = 400,000× 0.00347 =1388.
Repayment in the first month =1.671388 = 3054.67 (yuan)