When borrowing 2 billion from the bank, the monthly interest payment depends on 2 factors: loan term and interest rate. The interest calculation formula is as follows:
- Monthly principal payment = Principal amount/loan term
- Interest payable for the first period = Loan amount x monthly interest rate
- Interest for subsequent periods = Remaining debt balance x monthly interest rate
==> Amount payable = Principal + Interest (at payment period)
(Illustration)
Assuming a mortgage loan of 2 billion for 1 year (equivalent to 12 months) with an interest rate of 12%/year, the monthly payment amount is as follows:
Monthly principal = 2,000,000,000 ÷ 12 months = 166,666,667 VND
First month's interest = 2,000,000,000 x (12% ÷ 12 months) = 20,000,000 VND
2nd month interest = (2,000,000,000 - 166,666,667) x (12% ÷ 12 months) = 18,333,333 VND
3rd month interest = (1,833,333,333 - 166,666,667) x (12% ÷ 12 months) = 16,666,667 VND
The longer the loan term, the smaller the monthly principal payment will be, helping customers reduce their financial burden.
Notes when borrowing 2 billion mortgage at the bank
Before deciding to take out a 2 billion mortgage loan from the bank, customers need to pay attention to the following issues:
Debt repayment plan: Before borrowing 2 billion, customers need to clearly understand their personal financial situation. They should carefully calculate the plan for using capital and repaying debt, ensuring timely payment and avoiding overdue debt.
Have at least 30% of the loan value : Should have at least 30 - 40% of the total loan value. With this amount, credit officers will better evaluate the financial capacity and reputation of the customer.
Review the contract carefully : You need to review the credit contract carefully before deciding to sign it. If there is anything you do not understand, you should directly discuss with the credit officer to get timely and clear answers.
Lagerstroemia (synthesis)
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