Different repayment methods will lead to different interest rates. At present, the five-year loan interest rate stipulated by the People's Bank of China is 4.75%, but not all banks are exactly the same, and may fluctuate.
If you repay the loan monthly, there are two repayment methods: one is equal principal and interest, and the other is equal principal repayment. Choose different repayment methods, and the interest generated will be different!
The principal of 70,000 yuan is loaned in the bank for 5 years and repaid monthly. The benchmark interest rate is 4.75%. The monthly interest of the following two loan methods is as follows:
1, repayment method of equal principal and interest:
Total interest: 8779.03 yuan
Total accumulated loan repayment: 78,779.03 yuan.
Monthly repayment interest: 13 12.98 yuan.
2, the average capital repayment method:
Total interest: 84,565,438+0.04 yuan.
Total accumulated loan repayment: 784,565,438+0.04 yuan.
Monthly repayment interest: 1443.75 yuan.
Calculation formula of equal principal and interest:
[loan principal × monthly interest rate ×(65438+ 10 monthly interest rate) repayment months ]=[(65438+ 10 monthly interest rate) repayment months-1]
Average capital calculation formula:
Monthly repayment amount = (loan principal ÷ repayment months) (principal-accumulated amount of repaid principal) × monthly interest rate.
(where symbols represent strength).
The process of bank loan:
1. Apply for a loan, and bring information to the bank outlets to apply for a loan.
2. Audit: The bank verifies the applicant's credit information, assets, personal data and other information.
3. sign the contract. After passing the examination, the bank signs a loan contract with the lender.
4. Loan issuance: The bank issues loans on schedule according to the loan contract.
5. When repaying the loan, the lender shall repay the loan principal and interest in full according to the time agreed in this contract.
Bank approval:
1, project establishment
The main work at this stage is to confirm the purpose of the review, select the main inspection items, and formulate and start implementing the review plan.
2. Evaluate the credit rating of the borrower.
Credit rating is based on the borrower's leadership quality, economic strength, capital structure, performance, operating efficiency and development prospects. Rating can be carried out by the lender independently and internally, and can also be carried out by an evaluation agency recognized by relevant departments.
3. Conduct feasibility analysis.
This stage includes finding the problem, exploring the reasons, and determining the nature of the problem and the possible impact procedures. Among them, the analysis of the financial situation of enterprises is the most important, because it is the basis for banks to master and judge the repayment ability of enterprises.
4. Comprehensive judgment
Examiners verify the materials provided by investigators, judge the current situation, medium-term profit and loss and long-term development of enterprises, re-examine the risks of loans, put forward opinions, and conduct examination and approval according to the prescribed authority.
5. Review before lending to determine whether to lend.
There are various ways of bank pre-loan review, mainly including loan collection survey and general survey. After the pre-loan review, the bank manager will write a loan review report for approval, and make it clear whether the loan can be released.
How many years does it take to buy a house loan of 600 thousand 5 years,
You have to pay off the mortgage of 600,000 yuan in five years, pay back the principal of 6,543.8+0.2 million yuan in one year and change the principal of 6,543.8+0.0 million yuan in one month. As for interest, it should be calculated according to your annual interest rate.
Provident fund loans for five years, with an interest rate of 4.45%. The loan is 600,000 yuan, which will be repaid in five years, with a monthly payment of1172.18. The loan is 8,000 yuan per month and will be paid off in 7 years, with an interest rate of 4.45%.
Loan 200,000 yuan to buy a house, mortgage for 5 years, how much is the monthly payment?
The loan is 200,000 yuan, and the mortgage is 5 years. According to the current bank benchmark interest rate, the monthly payment is as follows:
Matching principal and interest transfer method:
The total loan is 200,000 yuan.
Repayment months: 60 months
The monthly repayment is 3797.20 yuan.
The total interest paid is 278,365,438+0.865,438+0 yuan.
The total principal and interest is 22783 1.8 1 yuan.
Average capital repayment method:
The total loan is 200,000 yuan.
Number of repayment months is 60 months.
The repayment in the first month is 4208.33 yuan.
Decreasing monthly: 14.58 yuan
Total interest paid is 26,687.50 yuan.
The total principal and interest is 226,687.50 yuan.
Why is it the most cost-effective to pay off the mortgage within five years?
Because the longer the mortgage is repaid normally, the more interest will be generated. If the mortgage is paid off in advance within the first five years of normal repayment, the total interest generated by the mortgage is the least. However, owing on the loan in advance is not a trivial matter for most people. When considering repaying the loan in advance, you need to consider it in combination with your own economic situation. If it affects your life, it's not worth the loss.
How to calculate the penalty for prepayment of bank loans?
1. Early repayment requires liquidated damages. Liquidated damages for early repayment are the terms agreed in the contract between the borrower and the lender. Once the borrower pays off all the loans or most of the principal in advance within the specified time, the borrower will pay the liquidated damages. Liquidated damages are generally calculated according to the percentage of the outstanding balance at the time of prepayment (generally 2% to 5%); Or agree on interest for several months. However, liquidated damages are bound by contract or law.
2. The effective period of liquidated damages is usually no more than 3 years (some are 5 years). After the validity period, the penalty rate will be cancelled, or gradually reduced, or only 1% of the balance. As long as the annual prepayment does not exceed 20% of the loan balance, there is no need to pay liquidated damages.
3. The liquidated damages can be determined through negotiation between the borrower and the lender. General lenders will provide several default payment schemes for borrowers to choose from. If the borrower chooses a contract with liquidated damages, the lender will provide a lower loan fee or a lower loan interest rate. Generally, the contract interest rate with liquidated damages is 0.25% to 65,438+0.00% lower than that without liquidated damages.
What should I pay attention to when repaying my mortgage in advance?
1. Pay attention to the change of monthly payment: Some friends think that you can repay the mortgage by depositing money into the repayment account on time every month, but this idea is incorrect, because you need to pay attention to whether the benchmark interest rate of the bank has changed. Once the bank's benchmark interest rate changes, your monthly payment will also change.
2. Pay attention to bank card transfer: Although most bank transfers can achieve real-time payment, some friends will deposit the house payment into the repayment account through bank transfer before the transfer date, but buyers should pay attention. If the amount is too large, real-time payment will not be realized. Therefore, when you transfer money to the mortgage bank card, if the amount is too large, you'd better transfer it several times to ensure that it can arrive in real time and avoid overdue repayment.
3. Repay the loan in advance: Most friends buy houses for their own occupation, so naturally they don't want to bear the heavy responsibility of mortgage all the time. At present, the mortgage interest rate is already very high, even on the rise. Therefore, many house slaves want to repay the loan in advance to avoid the risk of excessive interest.
4. Be careful to cut off the supply: it takes a very long time to repay the loan, ranging from 20 to 30 years. Many people may have some economic problems during this period. But no matter what kind of problems you have, you can't choose to cut off the supply without money, because banks will have very serious punishment rules, and the penalty interest of banks can't be underestimated. Once you don't pay your mortgage for more than half a year, the bank will auction your property. Not only will there be black spots on your credit, but the house that originally belonged to you will also be gone.