The formula for calculating the monthly payment for buying a house is as follows:
Monthly Instalment = Loan Principal * Monthly Interest Rate (1 - 1 + Monthly Interest Rate - Loan Term).
Among them: loan principal: refers to the loan amount applied by the borrower to the bank.
Monthly Interest Rate: Refers to the monthly interest rate of the annual interest rate of the loan.
Loan term: refers to the term of the loan, measured in years.
For example, if the loan principal is 1 million yuan, the monthly interest rate is 3%, and the loan term is 30 years, then the monthly payment is:
Monthly payment = 1,000,000 * 003 / (1 - 1+0.03)^-30) = 3333.33 yuan
Therefore, the calculation of the monthly payment for buying a house mainly depends on the loan principal, monthly interest rate, and loan tenure.
The higher the loan principal, the higher the monthly paymentThe higher the monthly interest rate, the higher the monthly payment;The longer the loan term, the lower the monthly payment.
In the actual calculation, the following factors also need to be considered:
Loan handling fee: The loan handling fee is generally paid by the borrower in a lump sum and can be spread over each monthly payment.
Property tax: Property tax is calculated based on the appraised value of the house, which is generally about 1% of the appraised value of the house.
Strata fee: The strata fee is calculated based on the size of the house and the property management company's fees.
Therefore, the actual monthly payment will be slightly higher than the calculation.
When choosing a loan plan, you need to consider your financial ability and repayment ability to choose the appropriate loan term and monthly payment.