Very often, having issued a loan for three or more years, the borrower tries to repay the loan ahead of schedule. After depositing a certain amount of funds, such a bank client has a natural question: "How to calculate the balance of the loan debt?" There are several parameters that will help you find out the approximate loan balance.
It is necessary
Calculator, loan agreement, payment schedule
Instructions
Step 1
Calculate the amount of the principal, that is, the amount borrowed. Even in the case of early repayment, the principal is paid in full. As a rule, the principal amount should be indicated in the payment schedule in a separate column. For example, a borrower took out a loan in the amount of 100 thousand rubles for one year. He paid regularly for 6 months, and in the seventh he decided to repay the loan ahead of schedule. The principal amount of the debt will be 50 thousand rubles.
Step 2
Calculate the interest accrued on the loan amount - Interest is often recorded in a separate column on the payment schedule. In many banks, loan payments are annuity payments. In this case, the amount of interest for each month will be the same. Therefore, it will not be difficult to calculate the amount of interest in case of early repayment. If the interest on the loan is differentiated, then the payments are different every month, because the amount of interest decreases every day. But if this figure is spelled out in a separate column, it is also easy to calculate the debt in this part.
Step 3
Calculate all commissions. This is the most difficult and most painstaking process. It is important to take into account all the obligatory payments provided for by the loan agreement. As a rule, in many banks, commissions are not recalculated even in case of early repayment and must be paid by the borrower along with the balance of the debt.
Step 4
Calculate the loan debt by adding all the above parameters. Summing up all the above parameters, you can find out the approximate amount of debt. However, it is better to call the bank, contact the employees of the credit institution through the official website or visit the bank's office in order to find out the balance of the loan debt. If there is a significant disagreement in calculating the balance of the debt, the borrower can always ask the employee of the credit institution to explain where such numbers came from.
