Calculation method of mortgage interest

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. Second, 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 calculation formula is: Interest = accumulated interest product × daily interest rate, where accumulated interest product = total daily balance. At the same time, banks can choose to convert the interest period 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 calculation formula 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. Second, 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 calculation formula is: Interest = accumulated interest product × daily interest rate, where accumulated interest product = total daily balance. At the same time, banks can choose to convert the interest period 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: