You probably have long dreamed of having your own personal corner, often imagining yourself in your own apartment or in a house. But real estate prices are high and constantly growing, not everyone can quickly accumulate such an amount for the purchase. But what about a dream? And here you should not be upset! A mortgage from Sberbank will help make your dream a reality.
Immediately a bunch of questions and a little fear of the unknown appear in my head. In fact, there is nothing to be afraid of, it is only necessary to sort out the nuances in advance and calculate your capabilities.
In this article, we will look at how to calculate a monthly mortgage payment. We will shed light on all the little things related to mortgage lending, and we will analyze in detail such points as:
- an initial fee;
- loan amount;
- amount of monthly payment;
- mortgage interest;
- early repayment.
For example, take the following indicators:
- The price of real estate is 2,400,000 rubles.
- Interest rate - 10.5% per annum.
- The loan term is 10 years, or 120 months.
- Early payment - 200 000 rubles.
An initial fee
Before proceeding to the calculations, you need to find out the minimum percentage of the down payment on a mortgage in Sberbank. To obtain a loan, you must have an amount that can be greater than or equal to the required minimum. If you subtract it from the price of real estate, we get the amount of the loan. In Sberbank, an initial mortgage installment starts at 15%, a good offer and an achievable result.
For example: 2,400,000 * 15% = 360,000 rubles - down payment.
Mortgage Amount
The size of the issued loan or the missing amount minus the down payment on a mortgage at Sberbank is the amount of the loan.
For example: 2 400 000 - 360 000 = 2 040 000 rubles - the amount of the mortgage.
Types of payments
Before proceeding to all kinds of calculations, let's figure out what payments are. The calculation of mortgage payments can be applied according to an annuity or differentiated scheme.
An annuity payment means a permanent one, in which monthly payments are equal throughout the entire loan term of the borrower to the bank. The most common scheme, as it is economically beneficial for the lender. For borrowers, there is also a plus - in that each month the amount is the same and it will be difficult to get confused in payments.
Differentiated means variable payments that are monthly reduced to reduce the amount due to repay the loan. This scheme is quite labor-intensive, which requires a lot of time to calculate the payment schedule. With a differentiated system, the borrower will be able to save a lot of money on overpayments, but for banks this significantly increases the risks, so they are less likely to offer such systems.
Counting Information
We sorted out the types of payments. Already eager to find out how to calculate the monthly payment on a mortgage. To do this, take into account several factors:
- The price of real estate - the higher it is, the larger the monthly payment.
- Loan term - the longer it is, the lower the monthly installment, but interest on the loan will have to pay longer.
- Solvency of the borrower - it is believed that the amount of the monthly payment should not exceed 40% of income.
- Interest rate on the loan - the exact rate can be found after applying for a loan offer or take the average rate of the bank.
Annuity payment calculation
In Russia, this type of payment has become very popular because of its constancy and stability, which is favorable for the borrower and lender. As stated above, it is economically advantageous for the lender, but it will be easier for the borrower to plan his expenses, since the amount of the payment is the same for the entire duration of the loan agreement.
How to calculate a monthly mortgage payment? The formulas below will help you individually calculate and determine the size of the loan.
x = K * S;
K = ( p * (1 + p ) n ) / (1 + i ) n - 1), where:
x is the monthly annuity amount.
S is the amount of the mortgage.
p is the monthly interest rate, if the rate is annual, then we take 1/12 part and divide by 100.
n - the duration of the loan in months.
K - annuity ratio.
For example: K = (0.00875 * (1 + 0.00875) 120 ) / (1 + 0.00875) 120 - 1) = 0.02489 / 1.84463 = 0.01349;
x = 0.01349 * 2040000 ≈ 27520 rubles.
Payment schedule| Period | Minimum payment | Payment of the main debt | Payment% | Balance of the main debt |
| 0 | 2 040 000 |
| 1-30 days | 27 520 | 9 914 | 17,606 | 2 030 086 |
| 2-30 days | 27 520 | 10,000.08 | 17 519.92 | 2,020,085.92 |
| 3-31 days | 27 520 | 9 505.26 | 18 014.74 | 20 580.66 |
| 4-31 days | 27 520 | 9 590.03 | 17,929.97 | 2,000 990.63 |
| 5-30 days | 27 520 | 10 251.18 | 17,268.82 | 1 990 739.46 |
There are 2 more simpler methods of calculation. The first is to use a loan calculator on the official website of the bank of interest. Consider the second method, how to calculate the monthly mortgage payment. You can do this in an Excel spreadsheet. Open a new file, go to the “Formulas” tab, then “Financial” and select “PMT”. A window pops up, where in the first line we indicate the number of percent divided by 12 months (for example, 10.5% / 12/100), in the second - the number of months, and in the third - the loan amount.
Interest calculation
If you consider the annuity payment schedule, you can see that interest is reduced monthly, respectively, the amount on account of principal payment increases. Below we consider the formula for calculating interest on a mortgage.
% on mortgage = (OD * P * number of days between dates) / number days a year.
- OD - the main debt in the billing month;
- P is the annual rate divided by 100;
- the number of days between dates - the difference between the dates of the current installment and the previous one;
- the number of days in a year - of the current year.
For example: % = (2 040 000 * 0.105 * 30) / 365 ≈ 17 606 rubles.
Differential payment calculation
How to calculate the monthly mortgage payment using a differentiated payment system? This type of payments includes two components: the main debt, which decreases during the entire loan term, and the interest on the loan, they also decrease throughout the entire loan period.
The contribution amount consists of the main monthly payment and interest on the amount of the balance of the main debt. We will analyze the formulas how to calculate the main payment and how to calculate interest on a mortgage on a differentiated payment system:
The formula for calculating the main payment:
b = S / n , where:
- b - the main monthly payment;
- S is the amount of the mortgage;
- n - the duration of the loan in months.
The formula for calculating accrued interest:
p = Sn * P , where:
- p - accrued interest;
- P - annual% rate / 12/100;
- Sn is the balance of debt in the period.
The calculation of the balance of debt in the period, the value of Sn :
Sn = S - (b * n) , where:
- S is the amount of the mortgage;
- b - the main monthly payment;
- n is the number of past periods.
Payments according to this system are made in each period, usually every month.
For example: b = 2 040 000/120 ≈ 17 000 rubles;
Sn = 2 040 000 - (17 000 * 0) ≈ 2 040 000 rubles;
p = 2,040,000 * 0.00875 ≈ 17,850 rubles
Differentiated payment = 17 000 + 17 850 ≈ 34 850 rubles
Payment schedule| Period | Balance of the main debt | Main payment | % | Amount of payment |
| 0 | 2 040 000 | 17,000 | 17 850 | 34 850 |
| 1 | 2 023 000 | 17,000 | 17,701.25 | 34,701.25 |
| 2 | 2,006,000 | 17,000 | 17,552.5 | 34 552.5 |
| 3 | 1 989 000 | 17,000 | 17,403.75 | 34,403.75 |
| 4 | 1 972 000 | 17,000 | 17 255 | 34 255 |
| 5 | 1 955 000 | 17,000 | 17 106.25 | 34 106.25 |
Prepayment
Such a mortgage repayment scheme is quite beneficial for the borrower, since overpayment in the form of interest is charged less. The difference in settlements consists only in calculating the balance of the mortgage, where it is not the main monthly payment that is taken, but the difference between the planned installment and the accrued interest.
If you pay a mortgage more than a monthly payment, then the remaining debt and interest on the loan are subject to change. Let's figure out how to calculate all these amounts.
First of all, you need to find out the balance of the mortgage debt for the current period by scheduling the payment schedule by the type of loan issued or by looking at the schedule that the bank provides. From this amount all our calculations will go.
It's important to know:
- The interest for using the loan is calculated on the fact, therefore, if you decide to deposit funds in full or in part in the middle of the period, then the interest should be calculated for the number of days of use in the period or not to be confused and make a contribution on the payment date.
- Of the amount you wish to contribute, part of the funds will be used to pay interest, as described above, and everything else - to pay the main debt.
We give two examples for each type of lending.
- For example, according to the annuity scheme, 3 periods were paid, and 10 days after the last payment you decided to deposit 200,000 rubles.
The annuity ratio remains the same and is equal to 0.01349.
The balance of the debt is 2 010 580.66 rubles.
Now we need to calculate how much interest for 10 days you have to pay the bank and how much will go into debt.
% = (2 010 580.66 * 0.105 * 10) / 365 ≈ 5 783.9 rubles
The amount to pay the main debt = 200,000 - 5,783.9 = 194,216.1 rubles.
Sn = 2 010 580.66 - 19 4216.1 ≈ 1 816 364.52 rubles - the amount of the outstanding balance.
Remember that on the next settlement date you will be charged interest for the remaining 20 or 21 days in the period.
- The second case will be for a differentiated type of charging. 4 periods were paid, and on the 5th payment date you decided to deposit 200,000 rubles.
Sn = 2 040 000 - (17 000 * 4) = 1 972 000 rubles.
% = 1 972 000 * 0.00875 ≈ 17 255 rubles.
Amount in payment of principal debt = 200,000 - 17,255 = 182,745 rubles.
Sn = 2 040 000 - (17 000 * 4 + 18 2745 * 1) = 1 789 255 rubles.
So, knowing all the basics and calculations, you can easily figure out the amount of the mortgage, which will be easy for you to pay. In return, you will acquire real estate, where together with your family create your home comfort. A place where you will celebrate the New Year and celebrate birthdays.