Take Guangzhou as an example, there are two common ways to repay housing mortgage loans, one is equal principal and interest, and the other is interest before principal. However, there are also some unusual repayment methods, so how should we choose these repayment methods? Take you to have a look!
1. Equal principal and interest
Equal principal and interest is also called regular interest payment, that is, the borrower repays the loan principal and interest in equal amount every month. The interest of the monthly loan is calculated based on the mortgage loans principal at the beginning of the month and settled month by month.
1. Calculation formula of equal principal and interest
(1) Monthly repayment amount of principal and interest=[principal * monthly interest rate * (1+monthly interest rate) loan months]/[(1+annual interest rate) repayment months - 1]
(2) Monthly interest=remaining principal * monthly loan interest rate
(3) Total repayment interest=loan amount * loan month * monthly interest rate * (1+monthly interest rate) loan month/[(1+monthly interest rate) repayment month - 1] - mortgage loans amount
(4) Total repayment amount=repayment months * loan amount * monthly interest rate * (1+monthly interest rate) loan months/[(1+annual interest rate) repayment months - 1]
2. Features: long repayment cycle, low repayment pressure and low loan risk
3. Suitable for people with stable income and growth in the future
2. Interest before principal
After the mortgage loans is disbursed, the borrower shall pay the interest first and then the principal in accordance with the repayment agreement within the agreed time.
1. Calculation formula of interest before cost
(1) Monthly principal repayment=0
(2) Monthly interest rate=loan principal * monthly interest rate
(3) Monthly repayment amount=loan principal * monthly interest rate
(4) Total interest on repayment=loan principal * monthly interest rate * loan term
(5) Total repayment amount=loan principal * monthly interest rate * loan term+loan principal
2. Features: The monthly repayment amount is the same. Although the monthly repayment amount is relatively small, the principal needs to be repaid once and for all after the repayment period expires.
3. Suitable for: people with certain capital, fast capital circulation and short payment collection cycle
3. Equivalent principal
During the repayment period, the total loan amount shall be equally distributed, and the principal of the same amount and the interest generated by the mortgage loans of the month shall be repaid every month.
1. Calculation formula of equivalent principal
(1) Monthly repayment amount of principal and interest=(principal/months of repayment)+(principal - cumulative principal paid) * monthly interest rate
(2) Monthly principal=total principal/months of repayment
(3) Monthly interest=(principal - cumulative principal paid) * monthly interest rate
(4) Total interest on repayment=(number of repayment months+1) * mortgage loans amount * monthly interest rate/2
(5) Total repayment amount=(number of repayment months+1) * mortgage loans amount * monthly interest rate/2+loan amount
2. Features: The monthly repayment principal is fixed, but the interest is getting less and less. The pressure of prepayment is greater and decreases month by month. The total interest expense is relatively small.
3. Suitable people: people with good economic ability at present, but may gradually decrease in the future
In these ways, they can also be divided by year. The most common way of repayment with short repayment period is to pay interest before the principal. The most common repayment method with a long repayment period is equal principal and interest. The method of equal principal repayment is also adopted. However, it is still necessary to choose the appropriate repayment method according to your own situation and repayment period. After all, what suits you is the best.
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