If you have extra money, you will think about the repayment of the loan first. However, most loans will be canceled or commissioned if you make a repayment. Today, we will have time to learn how to calculate the repayment fee, compare interest, and exempt.
Mid-term redemption fees?
If you explain it, it means repaying the loan in the middle, which means repaying some or all of the money you borrowed before the end of the loan period. In this case, financial institutions or banks have to pay a fee when they repay the loan in the middle, which is called the mid-term repayment fee, in other words, the mid-term repayment cancellation fee.
Why you pay a redemption fee
There's one question here: Why would a financial institution pay a mid-term repayment fee? You might think it would be better to repay the loan in advance. From a bank point of view, if you do not complete the loan period and pay it in advance, you will lose the opposite because you will not receive the loan interest you can get during the period you can not fill. Therefore, you put the redemption fee in the loan contract clause as a penalty concept.
The basic bank's profit structure is the difference between loan rates and deposit rates, which is called a margin margin. Nowadays, bank deposit interest is about 1 ~ 2% even at the highest interest rate, but it is hard to find a way to go down below 2% even at the lowest interest rate of bank loans.
loan middle redemption fee calculation method
A mid-term repayment may pay off only a portion or all the remaining amount. This amount is called the mid-term repayment.
median repayment fee rate
The commission rate determines how much commission the bank will pay for the repayment. Most banks have a commission rate of about 0.5 to 1.5 percent. Nowadays, the financial authorities and political circles are increasingly pushing down the redemption fee.
The remaining period is the remaining period of the entire loan that was signed when the loan was contracted. Easily explained, the entire loan period is 10 years, and if the current 4 years are over, the remaining period is 6 years.
median redemption formula
The moderation calculation method is calculated as the moderation fee = commission rate * moderation repayment (remain period / loan full period).
middle redemption fee calculator
If you feel complicit in calculation, you can calculate it through the Internet Moderate Fee Calculator. There are several types of commission calculators on the Internet, which make it easy and convenient to recognize the redemption fee.
exemption from redemption fee
interim redemption fee exemption period
Some loans that exempt you from the redemption fee after a certain period of time or more. Usually, mortgage loans are exempted from the redemption fee after three years. If there is an exemption period, the method of calculating the repayment fee is the repayment fee = commission rate * the redemption amount (the period remaining until the exemption period / exemption period).
If you explain easily, if you receive a mortgage loan and repay 100 million in two years, you will receive a mid-term repayment fee of 500,000 won if you calculate the commission rate of 1.5%. If the annual calculation is not accurate, you can change it to the top.
a loan without a payback fee
Usually, bank mortgages are subject to a 1.5% redemption fee on a three-year exemption; capital and savings banks, which are two financial loans, pay a redemption fee of less than 2%. Nowadays, as competition is getting worse, there are many loans without a mid-term repayment fee.
The opening of a negative account 폰테크 belongs to a limit transaction, so you do not usually have to charge a redemption fee.
repayment fee abolition
The economy is getting harder and harder, and the bank is making a lot of profits from the redemption fee, so we continue to demand the abolition of the redemption fee. Political and financial authorities are also planning to improve the second-hand repayment fee, but there seems to be no remarkable achievement so far.
center fee vs interest
A Comparative Study on the Interest and the Repayment Fees
If you pay in the middle of the repayment, you must compare the interest and the redemption fee for the remaining period. If you make some of the money in the middle, the principal will be lowered and interest will be lowered. You should calculate the commission rate through the calculation of the loan redemption fee.
Would it be more advantageous to pay a mid-term repayment fee?
Since the middle repayment fee is lower than the loan interest rate, it is advantageous for most loans to make a middle repayment even if the commission is taken. Therefore, if you have extra funds or money, you should pay the loan even if you pay the redemption fee.
I have learned about the calculation method of the loan redemption fee, the comparison with interest, and the exemption. I would like you to understand the redemption fee to some extent based on the contents of today. As I said above, do not be afraid to pay the loan due to the cancellation of the repayment, and I would like you to decide whether to make the repayment by comparing the interest and the fee to be paid later.Then we'll visit you next time with useful loan and financial news.