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How is the interest calculated after the loan is repaid in advance?

Time: 2014-12-08         Source: Fusion 360         Author: Yuan Yuan

Many homeowners who have loans are used to having spare cash.Prepayment. Repayment schedule ahead? It is nothing more than to save interest expenses. So how do you calculate the interest after repayment in advance? Let's talk about the specifics below.

There are two kinds of repayments in advance, one is all repayment in advance, and the other is partial repayment in advance.

  All advance paymentsRefers to the one-time settlement of mortgage principal and interest. After all the repayments are made in advance, the interest calculation is ended on the day when the principal and interest of the bank are paid off. In other words, how long the interest you have borrowed from the bank is.

  Some early repaymentOnly part of the principal and interest of the loan is returned, and the remaining principal and interest are not settled. Unfinished loan principal and interest, interest is in accordance with the original loan contractLending ratesExecution (concessions will always be concessions).

Fusion 360 hints that there are two kinds of repayment methods that can be selected for part of the outstanding balance of advance loan repayments. First, the loan repayment deadline is shortened, and the amount of monthly payments is inconvenient. Second, the loan repayment period is unchanged and the monthly reduction is reduced. Monthly amount. In contrast, the first one saves interest more.

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    Buying a home loan

    Housing Loan

    Mortgage records for loans

    Redemption loan

    Mortgage, help selling room

    House loan

    Home mortgage, good capital turnover

    Decoration loan

    Buy house renovation loan