Recently, the increase in mortgage interest rates in the real estate market has declined, and many banks have lowered the amplitude by 5-10 percentage points. How much mortgage interest can consumers pay less for this adjustment?
Assuming: the house price is 1.25 million, the down payment is 250,000, the loan is 1 million, the term is 30 years, the benchmark interest rate is 4.9%, and the equal principal and interest repayment is. The result is as follows:
In this case, if the mortgage loan of 1 million yuan is reduced from 30% to 20%, it can save 111,400 yuan in interest.
You can also note from the above table that when the base interest for loan execution increases by 30%, it will be 334,100 yuan more than if the interest is not increased.
approximate box calculation results
is calculated based on equal principal and interest. For every 10% decrease in the loan interest rate, the actual execution interest rate drops by 0.49%:
1, 30-year mortgage, the interest can be saved by about 11.3% of the loan amount;
2, 25-year mortgage, the interest can be saved by about 8.9% of the loan amount;
3, 20-year mortgage, the interest can be saved by about 6.8% of the loan amount;
Don’t look at a small 10% increase adjustment, the interest saved by home buyers can be a full year’s annual salary.
Excel calculation formula
Total interest = SUM(IPMT(annual interest rate/12,{1: Total number of periods}, total number of periods, loan amount)Because you need to use an array formula, press Ctrl+Enter after entering the finished formula in the cell, The cell will automatically add {} to display:
{=SUM(IPMT(annual interest rate/12, {1: period number}, total period number, loan amount)}1, IPMT function: calculates the interest value for each period of equal principal and interest repayment.
=IPMT(annual interest rate/12, what period number, total period number, loan amount)
2, {1: Total number of periods}: is an array representing the total number of periods from 1, 2, 3,........
If you calculate a 30-year loan, as follows:
=Row(A1:A360)generates an array of {1, 2, 3,......359, 360}. Complete formula As follows:
{SUM(IPMT(annual interest rate/12, Row(A1:A360), total period, loan amount)}
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