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Mortgage interest drop for January but also hundreds of Yuan per month

Last month, the Central Bank has adjusted its lending and deposit rates. Most of the banks will be effective January 1, 2015, will implement the latest interest rates. Bank "fixed day" will cause recalculation of the loan monthly payments in January next year, part of the customer's monthly payments will rise. Starting from February, monthly monthly drops.
the latest new rates from January 1, so January monthly interest will be calculated – in December this year under the old rates of interest on, in January the interest calculated in accordance with the new rate. Assuming loan deduction date for the 20th day of each month, January monthly interest will last 11 days from December interest plus the interest component of the first 20 days of January. If the loan repayment date closer to month, in January with the new interest rate for a short period, rising monthly payments may result in some customers.
as in October, a customer surnamed Liu after 360 mortgage applications up to 1 million Yuan, 30 the benchmark interest rate, by periodic repayments. Because of the prevailing interest rate is 6.55% per month required each month for 6,353.60. After the Central Bank adjusted the base rate, monthly payments should be reduced to 6092.28. But for sectional interest, required algorithm based on periodic, fixed payments, loans, current balance, interest rates on new loans and other elements, recalculate the January monthly. Due to the decline in interest rates, monthly principal amount will increase, equivalent to apply for early repayment. This adjustment will cause the January monthly increase. If repayments in the 20th, after 360 calculation is estimated at about 6400 Yuan, higher than last month, less than a hundred. But in February, the lower monthly payments than 2014, February payment can be used as a point of reference.
as well, usually Mortgage monthly interest, each month is 30 days. Sectional interest after the number of days interest, due to the December 31st next January for actual days of month is 31 days, so that the client will spend 1 day than usual interest. BACK
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