Latest formula for calculating home loan interest rates
Equal principal and interest:
monthly payment = [Loan principal x monthly interest rate x (1+monthly interest rate) ^ number of repayment months] ÷ [(1+monthly interest rate) ^ number of repayment months -1];
interest = Loan principal x monthly interest rate x [(1+monthly interest rate) ^ number of repayment months - (1+monthly interest rate) ^ (repayment month serial number -1)] ÷ [(1+monthly interest rate) ^ number of repayment months -1];
principal = Loan principal multiplied by monthly interest rate multiplied by (1+monthly interest rate) ^ (repayment month number -1) ÷ [(1+monthly interest rate) ^ repayment months -1];
Equal principal amount:
monthly payment = (Loan principal ÷ Repayment months)+(Loan principal - Accumulated amount of repaid principal) x Monthly interest rate;
principal = Loan principal ÷ repayment months;
interest = Remaining principal multiplied by monthly interest rate=(loan principal - cumulative amount of repaid principal) multiplied by monthly interest rate;
Tips:
1. The symbol represents power, and 2 months is power 2< br>
2. Monthly interest rate=Annual interest rate ÷ 12.
The Latest Adjustment Trend Chart of Home Loan Interest Rates in Over the Past 10 Years
Common Questions
What is Equal Principal and Interest Repayment?
The total principal and interest of the mortgage loan are added together and then evenly distributed over each month of the repayment period. As the borrower, you repay a fixed amount to the bank each month, but the proportion of principal in the monthly repayment gradually increases while the proportion of interest gradually decreases.
What is Equal Principal Repayment?
The principal is distributed over each month, and the interest from the previous transaction date to the current repayment date is paid off at the same time. Compared to equal principal and interest repayment, this repayment method results in lower total interest expenses, but the initial payments of principal and interest are higher, and the repayment burden gradually decreases each month.
What is a Combined Home Loan?
A combined home loan refers to a situation where a borrower who meets the conditions for a personal commercial housing loan and has contributed to their housing provident fund can simultaneously apply for a personal housing provident fund loan and a personal commercial housing loan. These two loan methods use the purchased urban self-occupied housing (or other guarantee methods approved by the bank) as collateral, and are issued separately by the housing fund management department and the commercial bank.
What is a Housing Provident Fund Loan?
A housing provident fund loan, also known as a personal housing provident loan, refers to a mortgage loan issued by various housing provident fund management centers using the housing provident fund contributed by employees and their employers, and entrusted to commercial banks to be issued to in-service employees who have contributed to the housing provident fund and retired employees who contributed to the housing provident fund during their employment.
FAQs About home loan Calculators
- What is a home loan calculator?
A home loan calculator is a tool used to calculate home loan repayment amounts, repayment periods, and total interest.
- How do I use a home loan calculator?
Enter the loan amount, interest rate, and repayment period, then click the calculate button.
- What types of loans do home loan calculators support?
They typically support various types of loans, such as commercial loans, public fund loans, and combined loans.
- Why is there a difference between the calculation result and the actual repayment amount?
This may be due to interest rate adjustments, changes in repayment methods, or additional fees.
- What do "equal installments of principal and interest" and "equal installments of principal" mean in a home loan calculator?
Equal installments of principal and interest mean that the monthly repayment amount is the same, with the principal and interest being amortized monthly. Equal installments of principal mean that the monthly principal is the same, while the interest decreases month by month.
- Can I modify the interest rate in a home loan calculator?
Yes, you can enter or modify the loan interest rate as needed.
- Can a home loan calculator calculate the savings from early repayment?
Some home loan calculators support this function, and you need to enter the amount and date of early repayment.
- What will happen if I choose a longer repayment period?
The longer the repayment period, the lower the monthly repayment amount, but the total interest paid will be more.
- What does "interest rate increase" mean in a home loan calculator?
It refers to an increase in the loan interest rate by a certain percentage above the benchmark interest rate.
- Do home loan calculators support international currencies?
Some home loan calculators support multiple currencies, but you need to confirm whether they include the international currency you need.
- Where can I find a reliable home loan calculator?
Bank official websites, financial service platforms, or home loan-related websites usually provide reliable home loan calculators.
- Can a home loan calculator calculate the interest difference between different repayment methods?
Yes, you can compare the total interest under different repayment methods.
- Can a home loan calculator handle a large loan amount?
home loan calculators usually support large loan calculations, but you need to confirm their maximum processing range.
- What does "monthly repayment" mean in a home loan calculator?
Monthly repayment refers to the amount that needs to be repaid each month, including principal and interest.
- What should I do if I encounter an error when using a home loan calculator?
Check whether the input information is correct, or contact the technical support of the calculator provider.
- Can a home loan calculator calculate the distribution of principal and interest during repayment?
Some home loan calculators can display the distribution of principal and interest in each monthly repayment.
- If I want to change the repayment method, do I need to re-enter all the information?
Usually not, you only need to change the repayment method option.
- What does "benchmark interest rate" mean in a home loan calculator?
The benchmark interest rate is the minimum loan interest rate standard set by banks or financial institutions.
- Can a home loan calculator save my calculation records?
Some home loan calculators support saving and viewing historical calculation records.
- If I have multiple loans, can I combine them for calculation?
Some home loan calculators support the calculation and comparison of multiple loans, but specific functions need to be checked in the calculator instructions.
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How to understand the repayment schedule of the home loan calculator?
It shows the monthly repayment amount, and the allocation of principal and interest.
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Does the home loan calculator support compound interest calculation?
Partially supported.
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How to change the interface language of the home loan calculator?
Some support multi-language switching.
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Which browsers does the home loan calculator support?
It usually supports mainstream browsers.
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How do I update the home loan calculator?
It updates automatically or you can manually download the new version.
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Is there a tutorial for using the home loan calculator?
Some provide one.
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Does the home loan calculator include taxes in its calculations?
Usually not.
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How to ensure the security of the home loan calculator?
Download it from official or trustworthy sources.
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What repayment cycles does the home loan calculator support?
Such as monthly, quarterly, etc.
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Can the home loan calculator export the calculation results?
Some can.
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How to compare the results of different home loan calculators?
Compare them using the same input parameters.
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Does the home loan calculator have advertisements?
Some may have.
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Does the home loan calculator support offline use?
Some support it.
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How does the home loan calculator handle interest rate changes?
You can manually adjust it or select a floating interest rate.
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Can the home loan calculator calculate the total loan interest?
Yes.
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Can the home loan calculator calculate the remaining loan?
Some can.
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Which countries/regions' interest rates does the home loan calculator support?
It depends on the specific home loan calculator.
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Does the home loan calculator support custom interest rates?
Some support it.
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Can the home loan calculator calculate the impact of different down payment percentages?
Yes.
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Can the home loan calculator handle loan delinquency situations?
Some can simulate delinquency fees.
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Can the home loan calculator calculate partial prepayment?
Some can.
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Does the home loan calculator support multiple interest rate modes?
Such as fixed interest rate, floating interest rate, etc.
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Can the home loan calculator calculate the total cost of the loan?
Including interest and other fees.
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Can the home loan calculator handle comparisons of different loan terms?
Yes.
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Can the home loan calculator generate a repayment schedule chart?
Some can.
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