For many, a mortgage is the only way to buy their own home. But before deciding on its registration, you need to assess your own financial capabilities and decide on the size of the loan.
It is necessary
Calculator or internet access
Instructions
Step 1
To calculate the size of a mortgage loan, you need to know the estimated cost of housing and the amount of the initial payment requested by the bank. It is also important to take into account the additional commissions and costs that are associated with the registration of a mortgage.
Step 2
The down payment is the amount of own funds that the borrower must immediately pay to the seller of the property. Most mortgages are issued only with a down payment. It ranges from 10% of the cost of the apartment. Programs that provide an opportunity to get the full value of real estate are extremely rare and require additional collateral or the presence of guarantors.
Step 3
When obtaining a mortgage loan, the borrower's expenses are not limited solely to repayment of the principal and interest. Additional costs cannot be ignored. Among them - the appraisal of the property, life and property insurance of the borrower. If there is such an opportunity, then the additional costs can be paid from your own funds. Otherwise, it will be necessary to attribute them to the amount of the mortgage.
Step 4
The amount of the mortgage loan is the sum of the cost of the apartment and additional expenses minus the amount of the down payment. For example, the cost of a property is 3.5 million rubles, the cost of insurance, servicing a letter of credit and appraisal of the property is 50 thousand rubles, the initial payment is 20%. Accordingly, the size of the mortgage will be (3,500,000 + 50,000) -3500,000 * 0, 2 = 2,805 thousand rubles.
Step 5
Many borrowers mistakenly believe that in order to calculate a mortgage loan, taking into account the overpayment, you need to multiply the loan size by the number of years and the interest rate. However, with such calculations, the amount of overpayment will turn out to be significantly exaggerated. This is due to the fact that as the principal is repaid, its size decreases. Consequently, interest is accrued on the reduced balance.
Step 6
When calculating, you need to take into account the type of loan payments. They can be annuity (which are paid in equal installments) and differentiated (which decrease as payments are made). For example, with annuity payments on a mortgage in the amount of 3 million rubles. for a period of 5 years with a rate of 12%, the amount of overpayment for the entire period will be 1,004,630 rubles, and payments - 4,004,630 rubles. Under the same conditions, with differentiated payments, the overpayment will be less - 915 345 rubles. For more accurate calculations, it is also advisable to find out information about the commissions for a suitable credit program.
Step 7
You can make a calculation either independently or using credit calculators that are available on the websites of most banks. In the latter case, you can not bother yourself with complex calculations and automate the whole process.
