In order to reduce their shortage of funds, many buyers often have to borrow money from the bank to buy a house, repay the house loan to the bank every month, which involves the issue of interest. How to calculate the interest of installment house loan? Don't worry, just understand the calculation formula of house purchase installment.
How to calculate the interest of buying a house by installments?
Installment purchase means that you can obtain the right to use the house and move in by paying part of the money in advance, and the remaining money should be paid off year by year within the specified period of time. The installment payment for house purchase can first pay 30% or 50% of the house price, and the rest can be paid off within the specified period. Because of the interest generated by installment purchase, the total installment expenditure is more than the total amount of full purchase. Mortgage repayment generally includes equal principal and interest and equal principal. Take 110000 as an example:
1. Commercial loans. The annual interest rate for the five-year term is 4.033 (this is the preferential interest rate floating down by 30%), the monthly repayment amount is 1.843111 million yuan, the monthly repayment is 2027.41 yuan, and the annual bank interest is 4435.2 yuan.
2. Portfolio loan. After 6 years, the interest rate is the same as 4.158 (down 30%), and the monthly repayment amount of RMB 10000 is RMB 102.00, RMB 11000, RMB 1122 per month, and the annual bank interest is RMB 4573.8.
What is the calculation formula of installment payment for buying a house?
1、 The conversion formula of installment house purchase interest is (Note: General for deposit and loan):
1. Daily interest rate (0 / 000) = annual interest rate (%) & pide; 360 = monthly interest rate (& permil;)& pide; 30；
2. Monthly interest rate (& permil;) = Annual interest rate (%) & pide; 12。
2、 Banks can calculate interest by using the integral interest method and the transaction by transaction interest method:
1. Integral interest method
According to the daily accumulated account balance of the actual days, the interest is calculated by multiplying the accumulated product by the daily interest rate. The interest calculation formula is: interest = cumulative interest product & times; Daily interest rate, where cumulative interest accumulation = total daily balance.
2. Transaction by transaction interest method
According to the predetermined interest calculation formula, interest = principal & times; Interest rate & times; The interest is calculated one by one during the loan term. If the interest period is a whole year (month), the three calculation formulas are essentially the same. However, because the interest rate conversion is only 360 days a year, but when it is actually calculated according to the daily interest rate, it will be 365 days a year, and the results will be slightly deviated. The specific formula to be used for calculation can be agreed in the contract between the parties and the financial institution.
① If the interest period has a whole year (month) and odd days, the interest calculation formula is: interest = principal & times; Years (months) & times; Annual (monthly) interest rate;
② Interest bank 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 days of the Gregorian calendar of the current month. The interest calculation formula is: interest = principal & times; Years (months) & times; Annual (monthly) interest rate + principal & times; Odd days & times; Daily interest rate;
③ Interest = principal & times; Actual days & times; Daily interest rate.
The above is a detailed introduction on how to calculate the interest of buying a house by installments and what the calculation formula of buying a house by installments is. I hope it can have a certain reference value for you. Although it is good to buy a house by stages, banks and other lending institutions will also judge the loan amount and installment period according to the borrower's ability and qualification. It is suggested that you should consider your repayment ability.