The mortgage agreement necessarily contains the calculation of forthcoming payments. However, it is better to take care of the calculations beforehand. This will allow you to compare your own financial capabilities and the amount of monthly payments, as well as assess the profitability of the mortgage offer.
Instructions
Step 1
Monthly payments consist of two components - the body of the loan (principal) and interest payments. To calculate the upcoming mortgage payments, you need to know the key characteristics of the future loan - the size of the mortgage and its term, interest rate and type of payment (annuity or differentiated). We must not forget that paying off a mortgage loan is often associated with additional fees for considering an application, for maintaining a credit account, for issuing a loan. That is why it is worth paying attention to the effective interest rate, which includes the general costs incurred by the borrower.
Step 2
Initially it is necessary to determine with the required loan amount. To do this, deduct the amount of the down payment from the appraised value of the property. The loan amount must include additional costs for life insurance and property of the borrower, as well as the appraisal of the property.
Step 3
To correctly calculate the amount of mortgage payments, the borrower needs to know how to repay the loan - annuity or differentiated. For annuity payments, the loan is repaid in equal installments, including the body of the loan and the accrued interest. In the first years, the main debt is paid off rather slowly, and the main payments go to pay interest. The formula for calculating the annuity payment is as follows: (loan amount * 1/12 of the interest rate in hundredths) / ((1- (1 + 1/12 of the interest rate in hundredths) to the power of (1-term of the loan in months)) …
Step 4
The differentiated payment scheme is built as follows: every month the borrower repays part of the principal debt, as well as the interest that is accrued on the loan balance. The main burden falls on the borrower in the first months; over the years, payments become less and less. To calculate a loan according to a differentiated scheme, you first need to divide the loan amount by the number of loan months. This amount will be the main payment. To calculate interest, the balance of the principal debt must be multiplied by the interest rate and divided by 12.
Step 5
As an example of a calculation within the framework of two schemes, we can take a typical mortgage for 3 million rubles, for a period of 20 years with an interest rate of 12.5% per annum. With annuity payments, the monthly payment will be 34,084 rubles, and the overpayment for the entire period is 5.18 million rubles. Whereas according to a differentiated scheme, payments will vary from 44,217 rubles. at first up to 12 633 p. at the end of the loan term. The overpayment in this case will not be so significant - 3.77 million rubles.
Step 6
Formulas for calculating monthly mortgage payments are quite complex, so it is better to use specialized mortgage calculators that are widely available on the Internet. Today, such calculators are on the websites of almost every major bank. For calculations, it is enough to enter the initial data and get a ready-made calculation result.
