How to calculate mortgage fees
Mortgage loans are the preferred method for many people during the purchase of a home. However, mortgage loans involve a wide variety of fees, and many home buyers are not clear about how they calculate it. This article will analyze the composition and calculation methods of mortgage expenses in detail to help you better plan your home purchase budget.
1. The main composition of mortgage expenses
Mortgage costs mainly include the following categories:
| Cost Type | illustrate | Calculation method |
|---|---|---|
| Down payment | The first payment required by the buyer | Generally, it is 20%-30% of the total house price |
| Loan interest | Interest expenses on bank mortgage loans | Calculated based on loan amount, interest rate and term |
| Evaluation fee | Bank assessment fees for house value | Usually 0.1%-0.5% of the total house price |
| Mortgage registration fee | Processing fee for mortgage registration | Generally, it is 80-500 yuan |
| insurance | Home insurance costs | Calculated based on insurance amount and fee rate |
| Notarization fee | Contract notarization fee | Generally, it is 200-500 yuan |
2. Specific calculation method for mortgage expenses
1.Down payment calculation
The down payment is the down payment that the home buyer needs to pay, usually 20%-30% of the total house price. For example, for a house with a total price of 1 million yuan, the down payment is 20%-30%, that is, 200,000-300,000 yuan.
2.Loan interest calculation
Loan interest is one of the main expenses of bank mortgage loans. The calculation method is as follows:
| Loan amount | Loan term | Annual interest rate | Monthly offer | Total interest |
|---|---|---|---|---|
| 700,000 yuan | 20 years | 4.9% | RMB 4,587 | RMB 400,880 |
| 500,000 yuan | 15 years | 4.5% | RMB 3,820 | RMB 187,600 |
3.Other expense calculations
Other expenses such as appraisal fees, mortgage registration fees, etc. are usually charged at a fixed proportion or a fixed amount. For example:
| Cost Type | Calculation method | Example amount |
|---|---|---|
| Evaluation fee | 0.1%-0.5% of the total house price | 1 million yuan house: 1,000-5,000 yuan |
| Mortgage registration fee | Fixed fee | 80-500 yuan |
| insurance | Insurance amount × rate | Loan of RMB 700,000: RMB 1,400 |
3. How to save mortgage costs
1.Choose the right loan term
The longer the loan term, the lower the monthly payment, but the higher the total interest. Home buyers should choose the appropriate loan term based on their own financial situation.
2.Comparison of interest rates for different banks
There may be differences in loan interest rates for different banks, so home buyers should compare with each other and choose banks with lower interest rates.
3.Repayment in advance
Some banks allow early repayment without charging liquidated damages. Early repayment can reduce interest expenses and save costs.
4. Summary
The calculation of mortgage fees involves many aspects, including down payment, loan interest, appraisal fees, mortgage registration fees, etc. Home buyers should know in detail how to calculate each fee and choose a suitable loan plan based on their own situation. Through reasonable planning, mortgage costs can be effectively saved and the pressure to buy a house can be reduced.
I hope this article can provide you with valuable reference and wish you a smooth home purchase!
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