The moment we got the keys to our new house, the joy in our hearts cannot be expressed in words. But the ensuing renovation problems can be a headache. In order not to make decoration a burden, many people choose decoration loans, so how much does the interest of 100,000 decoration loans cost is a question that many people are concerned about, and I will give you an answer today.
The interest calculation of the 100,000 decoration loan also needs to know the installment interest rate and the conditions of the loan term, and the installment interest rate is generally 022% and the loan term is 1-5 years.
Let's take a fixed value and give you an example to calculate:
Let's say the installment rate is 022%, loan of 100,000 yuan, repayment in 5 years and 60 installments, calculated according to the repayment method of equal principal and equal interest:
Monthly principal: 100,000 60 installments = 1,667 yuan.
Monthly interest: 100,000 022 = 220 yuan.
Monthly repayment: 1667 + 220 = 1887 yuan.
The monthly payment of only 1887 yuan a month is not high, generally most of the family decoration budget can be completed at about 100,000 yuan to complete the approximate decoration loan, most of the husband and wife families, the monthly income of the two is usually about 10,000 yuan, even if there is a mortgage and childbirth pressure, 2,000 yuan, accounting for one-fifth of the monthly income, is not less than 2,000 yuan of monthly payment, it will not cause too much pressure on the family.
0The installment interest rate of 25% is really low, the interest of 250 yuan a month for a loan of 100,000 yuan, and the interest rate is only 3,000 yuan a year, is the annualized interest rate 3%?
No, listen to the following explanation: The lowest APR for an operating mortgage is now at 4About 5%, the interest rate of the decoration loan without collateral is actually lower, do you think it is possible?
In fact, the actual annualized interest rate of the renovation loan is 5About 64%, which is indeed 1-2 points higher than a mortgage loan in general, but the advantage is that there is no need for collateral and guarantee. How do you calculate the real interest rate?
In fact, it is related to the repayment method of "equal principal and interest" of decoration loans, which is simply understood as the interest generated each month will not decrease with the decrease in the repayment of principal.
For example, if the first monthly payment is 100 yuan, the monthly payment of the second month and the third month is 100 yuan, and the principal and interest are equal to the same, the total amount of 100,000 yuan of the loan is evenly distributed according to the number of loan periods for 5 years and 6 installments, and the principal repaid each month is 166667 yuan, plus a fixed interest of 250 yuan per month, the monthly repayment amount is 1916 yuan.
Many people still think when decorating: it is not worth it to handle the decoration loan, after all, it is a loan that pays interest, but why many people still choose to handle the decoration loan, aside from the relatively low installment interest rate of the decoration loan, the monthly payment pressure is relatively small, and if the decoration budget is reduced, the effect of the decoration will definitely be unsatisfactory. After all, many people may only live in this house for the rest of their lives, and some things still can't be compromised.
Originally, decoration is a decoration of lifelong benefits of high and low frequency of events, if you will move in because of cost savings, and then want to renovate it in the future, it will be more troublesome, so reduce the decoration budget, save the idea of decoration costs to be cautious.
In general, the installment rate is 022% of the decoration loan, the monthly payment of the loan of 100,000 yuan is 1887 yuan, which will not cause too much pressure on life, the above is all the information in this article, I am very happy to help you, if you want to know more, you can continue to *** We will continue to update the decoration loan content you are interested in. We'll see you next time.