1. Calculation formula of equal principal and interest repayment: monthly repayment amount = loan principal × [monthly interest rate× (1+monthly interest rate) * repayment months ]/[( 1+ monthly interest rate) repayment months-1]
The total loan is 700,000 yuan.
Number of repayment months: 240 months
The monthly repayment is 4974.72 yuan.
A total of 493,932.30 yuan of interest was paid.
Total principal and interest 1,193,932.30 yuan.
2. Equal repayment of principal: monthly repayment amount = loan principal/repayment period+(loan principal-accumulative repayment of principal amount) * monthly interest rate.
The total loan is 700,000 yuan.
Number of repayment months: 240 months
The repayment in the first month is 6358.33 yuan.
Decreasing monthly: 14.34 yuan
Total interest paid is 465,438+04,720.83 yuan.
Total principal and interest 1,114,720.83 yuan.
Extended data:
1. There is no need to pay interest after repaying the mortgage in advance, but a penalty (or handling fee) of about 1% is required for prepayment.
2. Is there a handling fee for prepayment?
State-owned big banks, such as industry, agriculture, China, construction and Bank of Communications, do not charge fees for early repayment by Bank of Communications, while ICBC needs to charge 2-3 months' interest as fees, and other banks need to charge 1 month's interest. Among them, the Agricultural Bank of China charges one month's interest for the early repayment of loans within three years, and no fees will be charged after three years.
Most joint-stock banks say they don't charge fees. However, Shanghai Pudong Development Bank said that if repayment is made two years in advance, a handling fee of 3% of the repayment amount will be charged, and no handling fee will be charged after two years.
Foreign banks generally charge differential fees according to the repayment period. For example, Citibank charges 2% of the repayment amount in advance after one year, and the fee is reduced to 1% after two years, and no handling fee is charged after three years; There is no handling fee for prepayment by HSBC after three years, at least 20,000 yuan after two years and at least 30,000 yuan after one year.
3. Time for prepayment
Most banks require at least one year before they can apply for prepayment, but some banks say they can apply for prepayment at any time.
Among the state-owned banks, China Bank and China Construction Bank need to repay for one year before they can apply for early repayment, while Industrial and Commercial Bank of China needs to repay half a year in advance. In addition, it takes one year for China Merchants Bank, Bank of Communications, East Asia and other banks to apply for early repayment, while Huaxia Bank said that it can apply for repayment at any time.
Generally, the amount of mortgage is relatively large. If there is no special reason, few customers will repay the loan in advance within one year.
People's Network-Is it cost-effective to repay the loan in advance? Three situations are not suitable for prepayment.