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Do you know how much impact the loan interest rate and repayment method have on the total interest? Many people hope that the lower the interest rate, the better when applying for a loan, but they often get confused when they first come into contact with this type of product. Today, Cai Xiaomao will tell you how much interest the mainstream loan products and repayment methods can generate.
Because banks are both formal and negotiable, here are examples of bank mortgage loans that everyone is very concerned about. Take a look at how much interest can be generated for a bank loan of 200,000 yuan in 10 years.
The main factors that can affect loan interest are the interest rate of the loan, repayment method, etc.
-01-
Loan interest rate
1, Provident Fund Loan
refers to the long-term housing savings 1. Employees can use provident fund to directly pay mortgage, and can also use provident fund to apply for a special housing loan .
Provident Fund Loan, the interest rate is implemented according to the provident fund loan benchmark interest rate , and different interest rates are implemented according to the number of houses. The first mortgage interest rate for more than 5 years 3.25%; the second mortgage interest rate is 1.1 times higher than the first mortgage interest rate, that is, 3.575%.
2, commercial loan
Personal housing commercial loan refers to a loan that a natural person with full civil capacity , when purchasing urban housing, mortgages the house he purchased and applies to the bank as a guarantee for repaying the loan.
When the borrower applies, he will execute based on the newly issued loan interest rate based on the LPR of the latest period of the same period + the bank's fixed basis point. For example, the quotation for the LPR of 5 years and above on August 20, 2022 is 4.30%. Assuming that the basis point determined by the bank for the borrower is 180 BP, the mortgage interest rate is 4.30%+1.8%=6.1%.
-02-
Repayment method
equal principal and interest
equal principal and interest
0 equal principal and interest is the most exposed to in our lives. Credit cards, Huabei, Jiebei are all used equal principal and interest. The borrower repays the loan at a fixed amount every month, and the monthly loan interest paid is settled monthly according to the remaining principal. As long as the bank interest rate remains unchanged, the monthly payment will be the same every month.
monthly repayment amount = [Loan principal × monthly interest rate × (1+month interest rate)^ repayment months]÷[(1+month interest rate)^ repayment months-1], where the ^ symbol indicates multiplying .
equal principal
equal principal is a repayment method where the repayment pressure is gradually shrinking.
During the repayment period, the loan is divided into several equal parts. In the repayment amount of each month, a certain amount of principal and interest generated by the loan in that month are fixed. Because the principal will gradually decrease over time, the interest generated will decrease, and the pressure on repayment will become smaller and smaller.
can be used to calculate the monthly interest and total interest reimbursed separately. Among them, when html January interest = (total loan - cumulative principal repaid) × monthly interest rate; total interest = (number of repayment months + 1) × total loan × monthly interest rate ÷ 2.
-03-
Take the example of calculating
The following is a calculation using the first house of provident fund loan and commercial loan as an example. Show everyone the repayment method is different, the total interest and the monthly interest.
First calculate the provident fund loan. Assume that the principal of 200,000 yuan and the long-term loan interest rate is 3.25%:
1. If you choose the equal amount of principal, the principal repayment will be fixed every month, all of which are 1,666.67 yuan, but the interest will decrease month by month, the interest will be 541.67 yuan, and the interest will decrease from the second month. The total interest for 10 years is 32,770.83 yuan.
2. If you choose equal principal and interest, the total amount of repayment per month is fixed, which is 1954.38 yuan, of which the first month's interest is 541.67 yuan, and the interest is decreasing from the second month. The total interest for 10 years is 34525.67 yuan.
Then calculate the commercial loan. Assume that the principal of 200,000 yuan and the long-term loan interest rate is 6.3%:
1. If you choose the equal amount of principal, the monthly repayment principal is fixed, all 1,666.67 yuan, but the interest will decrease month by month. The interest in the first month is 1,050 yuan, and the interest will gradually decrease from the second month. The total interest in 10 years is 63,525 yuan.
2. If you choose equal principal and interest, the total amount of repayment per month is fixed, which is 2250.66 yuan, of which the principal of the first month is 1200.66 yuan, and then the principal of repayment per month gradually increases, while the interest of the first month is 1050 yuan, and the interest from the second month is decreasing, and the total interest for 10 years is 70,079.23 yuan.
From the above examples, it can be seen that the interest rate gap between different loan uses and repayment methods is very large, so when applying for a loan, you can compare it from multiple parties and choose the one that is more beneficial to you.
OK. The above is what Kitten wants to share with you today. If you have any questions, or want to know other credit knowledge and products . Follow Cai Xiaomao to take stock of it and send a message.
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