How to Calculate a Mortgage: Tips for Future Owners
Real estate in Russia is cheap to name in any wayit is impossible. Few of our compatriots can afford to buy a new apartment only at their own expense. The absolute majority is forced to use borrowed money for this purpose. It's unlikely that friends or friends will be able to borrow a couple of million years so by 15-20. So the only option is to apply to a commercial bank.
Why you need to calculate a mortgage payment
Before answering the question of howcalculate the mortgage, I want to understand, and why do it at all. You can immediately contact the bank - a nice girl-consultant will count everything and explain everything in great detail. In principle, this is so. But before you turn to a particular bank, you need to decide which one. In any city in Russia, several financial institutions operate at once, and each of them offers its clients the opportunity to issue a mortgage loan. If you consistently refer to each of them, it will take a lot of time.
Simplify the procedure for choosing it is possible,taking advantage of modern Internet technologies. Almost every bank has an online service that allows you to calculate the main parameters of a loan right from the comfort of your home. This service is called a loan calculator. To obtain the necessary information, it is enough to enter the desired amount and term of the loan into the special form and click the "Calculate" button. After this, the borrower will receive full information about the amount of regular payment and the total amount of overpayment on the loan.
Loan payment - the main criterion for making a decision
Now it became clear how to calculate the mortgage. The next question: "What to do with this information?" It's simple - choose a bank. But how to do it right? The main criteria are two: the total overpayment of the loan and the size of the regular payment.
At first glance it seems that the main criterionshould be overpayment: where it is less, there and need to take a loan. In principle, this is logical. But first of all you need to still be guided by the size of the monthly payment. This is explained by two reasons:
- Regardless of how much the overpayment isloan, you need to pay it every month. If the borrower chooses a loan with less overpayment, but too much regular payment, in the future he may have problems with paying off the mortgage. At the same time, any loan can be paid ahead of schedule, of course, if the revenues allow it, thereby reducing the amount of overpayment.
- Making a decision to grant a loan, the bankwill necessarily take into account what part of its income the borrower will send to its repayment. The smaller it is, the greater the chance of obtaining approval for a loan application.
Methods of repaying a mortgage loan
In order to correctly evaluate the results of automated calculation, it is desirable at least in general terms to understand how to calculate the payment for a mortgage. There are two ways to do this.
- Differentiated. In this case, the payment includes the same amount of principal repayable. The amount of interest that must be paid monthly is calculated on the basis of the remaining loan amount. As the mortgage matures, it gradually decreases. The closer the term of the loan ends, the less the size of the differentiated payment.
- Annuity. With this method of repayment, the payment remains unchanged over the entire term of the loan. The amount of the monthly fee includes, first of all, the amount of accrued interest, everything else goes to repay the principal debt.
Knowing how to calculate a mortgage and by what criteriait is better to make a decision, you can safely proceed to the procedure for choosing a future lender. Undoubted leaders of the Russian market are two banks with state participation: "Sberbank" and "VTB-24".
Mortgage in the "Savings Bank": just calculate, easy to issue
Many of those who want to buy an apartment on creditthey turn to Sberbank. It is not surprising, because he is one of the leaders of the Russian credit market. Therefore, absolutely everyone will be useful to know how to calculate a mortgage in "Sberbank".
To do this, in principle, is not difficult. The official website of the bank has a loan calculator. It is enough to fill out the proposed form, and the program itself will make all necessary calculations. The borrower should indicate the estimated cost of the apartment, the amount of the initial payment and the period for which it is planned to fully pay the loan. After the calculation, he will receive information about the amount of the loan, the monthly payment and the amount of overpayment.
It is important to note that the rate is set atindividual order for each borrower. Therefore, its actual size may differ from the calculated one (which is incorporated in the calculation algorithm). Nevertheless, the obtained data will help to make a general idea of the conditions of mortgage lending exactly in "Sberbank".
Mortgage in "VTB-24" will help everyone solve housing problems
"VTB-24" is one of the largest Russian banks,providing its clients with a full range of financial services. Loyal approach to visitors, simplicity and quick registration - all this includes lending to VTB Bank. Anyone can calculate the mortgage on the official website.
For information about the terms of the loanyou need to specify in a special form the borrower's region of residence, the number of members of his family, the loan term, the amount of the down payment and the desired loan amount. Based on this information, the program will calculate the preliminary interest rate, the amount of monthly payment and the total amount of overpayment.
Buying an apartment on credit sometimes happensthe only option is to acquire own square meters. Many Russian banks offer their clients a mortgage. How not to make a mistake and make the right choice in such a variety of options? For those who know how to calculate a mortgage, this is not a big deal. Credit calculators that are placed on the websites of most banks will help you quickly and easily determine the amount of monthly payment and the amount of overpayment for a loan in each particular institution.