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How to use a home loan calculator?

With more and more people using loans to buy homes, home loan calculators are a convenient tool for people with mortgages to figure out how much they need to pay each month. But a lot of people don’t know how to use a home loan calculator.

1, mortgage calculator is a professional software for mortgage calculation. First open the mortgage calculator, enter the loan amount, loan term, loan interest rate, repayment method in the “commercial loan” window, (assume the loan of 1 million, 20 years, benchmark interest rate, equal amount of principal and interest repayment) click “calculate”.

  1. The mortgage calculator results are quickly shown below, including the total amount of interest, the cumulative total amount of repayment, the monthly payment, the highest monthly interest payment, etc., among which “the monthly payment” (6544.44 yuan) is the answer we are looking for. If you feel that the monthly payment is too high and you want to reduce the amount of the monthly payment, you can re-choose the loan term, such as changing the original 20 years to 30 years, and click “Calculate” again after the election.
  2. At this time, we can see that the mortgage calculator shows that the monthly payment amount has decreased to 5307.27 yuan. This is because the longer the loan term is, the smaller the monthly payment will be, while other conditions remain the same.

Using a home loan calculator could help more home buyers better understand their future payment plans. But when applying for a mortgage, we should not only calculate the loan amount in advance, but also provide real application information. Because the bank will check the identity of the borrower strictly, if the information is found to be false, then the loan will be rejected and can not be reapplied for a short time. Therefore, when applying for a bank loan, real data information should be submitted.

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