How to calculate a mortgage?
Mortgage has become a very popular way to purchase housing. After all, not everyone has an accumulated amount on the account to buy an apartment. And many, for example, young families, really need it. Mortgage is profitable with its own interest, which, as a rule, is significantly less than for ordinary consumer loans. In order to understand how much you will have to pay on a housing loan, you need to know how to calculate a mortgage. This is not difficult to do if you know the scheme and own mathematical operations for the second grade of high school.
What you need to know to calculate the mortgage
In order to calculate a mortgage for an apartment, you need to know a few numbers. First, the cost of the apartment and the percentage of the initial payment, which is required by the bank. This money should be in your possession. The rest will be the amount of your loan. Then you need to decide for how many years you are ready to stretch the payments. As a rule, they try to take for a longer period, if we take into account inflation, the mortgage becomes very profitable, economists have proved it long ago.In addition to these figures, you need to know what percentage of the bank gives you money, whether insurance will be needed. You also need to know the type of payment - annuity or differentiated. In an annuity payment, interest is charged on the balance of the principal debt, thus they are constantly decreasing. Many borrowers prefer it.
Suppose you want to calculate the amount of a mortgage, which you take for 5 years at 13% per annum. Down payment - 10 percent, payment annuity. An apartment costs 1 million rubles. In total, you should have 100 thousand rubles on the entire account, 900 give you a loan for 180 months. Therefore, 900 thousand divide by 180, we get a monthly payment - 5 thousand rubles. Now consider the interest. In the first year, it will be necessary to pay 13% of 900 thousand, it will turn out 117 thousand, divide them by 12 months, we get 8775 rubles. We add to them 5 thousand of the monthly amount of the principal debt, it will be 13,775 rubles.
Everything is very simple! For the year you pay 60 thousand of the principal debt, therefore, in the second year the interest will decrease. 13% will be calculated from 840 thousand, it will be 109200 rubles per year, 7644 per month, the total payment - 12644 rubles. For the second year, the principal debt will also decrease by 60 thousand.In the third year, interest is calculated from 780 thousand, which is 101400 rubles per year, 6591 per month, we add the main debt, we get 11591 rubles per month. In this way, you can calculate mortgage payments for each year. By the way, when you come to a bank for a consultation, you will be given an approximate mortgage repayment schedule, you can simply take such schedules from several banks and choose the most profitable one.
If you are sure that you will pay off the mortgage much earlier than the 15 years stipulated in the terms of the contract, then you should ask the bank specialist if the early repayment of the loan is possible. If this is permissible, then ask what is the procedure for such repayment. Most often, the scheme is this: you need to write an application for early partial repayment, pay and get a new repayment schedule of the loan, which will indicate the new monthly amount until the end of the loan period. You can also calculate a mortgage online, find a calculator.