Real estate in Russia can not be called cheap. Few of our compatriots can afford to buy a new apartment only at their own expense. The absolute majority is forced to use borrowed money for this purpose. It is unlikely that acquaintances or friends will be able to lend a couple of millions of years so for 15-20. So the only option is to contact a commercial bank.
Why you need to calculate a mortgage payment
Before answering the question of how to calculate a mortgage, I want to understand why this is done at all. After all, you can immediately go to the bank - a sweet girl consultant will calculate everything and explain everything in great detail. In principle, this is so. But before contacting a particular bank, you need to decide which one. In any city in Russia, several financial institutions operate at once, and each of them offers its customers the opportunity to obtain a mortgage loan. If you consistently apply to each of them, it will take a lot of time.
You can simplify the selection procedure using modern Internet technologies. Almost every bank has an online service that allows you to calculate the main parameters of the loan without leaving your home. This service is called a loan calculator. To obtain the necessary information, it is enough to enter the desired amount and term of the loan in a special form and click the "Calculate" button. After that, the borrower will receive full information about the size of the regular payment and the total amount of the overpayment on the loan.
Credit payment - the main criterion for making a decision
Now it became clear how to calculate the mortgage. Next question: "What to do with this information?" Everything is simple - choose a bank. But how to do it right? There are two main criteria: the total overpayment on the loan and the size of the regular payment.
At first glance it seems that the overpayment should be the main criterion: where it is less, there you need to take a loan. In principle, this is logical. But first of all, you still need to focus on the size of the monthly payment. There are two reasons for this:
- Regardless of how much the overpayment on the loan, you need to pay it every month. If the borrower chooses a loan with a lower overpayment, but too much regular payment, in the future he may have problems with paying off the mortgage. At the same time, any loan can be paid ahead of schedule, of course, if income allows it, thereby reducing the amount of overpayment.
- When making a decision on granting a loan, the bank will necessarily take into account how much of the proceeds the borrower will use to repay it. The smaller it is, the more likely it is to get approval for a loan application.
Mortgage repayment methods
In order to correctly evaluate the results of an automated calculation, it is advisable, at least in general terms, to understand how to calculate a mortgage payment. There are two ways to do this.
- Differentiated. In this case, the payment includes the same amount of the principal debt payable. The amount of interest that must be paid on a monthly basis is calculated based on the remaining loan amount. As the mortgage matures, it gradually decreases. The closer the loan expiration date, the smaller the differential payment.
- Annuity. With this method of repayment, the payment remains unchanged for the entire loan term. The amount of the monthly contribution primarily includes the amount of accrued interest, everything else goes to repay the main debt.
Knowing how to calculate the mortgage and by what criteria it is better to make a decision, you can safely proceed to the procedure for choosing a future lender. The undoubted leaders of the Russian market are two banks with state participation: Sberbank and VTB-24.
Mortgage at Sberbank: easy to calculate, easy to arrange
Many of those who want to buy an apartment on credit go to Sberbank. It is not surprising, because it is he who is one of the leaders of the Russian credit market. Therefore, it will be absolutely useful for everyone to know how to calculate a mortgage at Sberbank.
To do this, in principle, is not difficult at all. On the official website of the bank there is a loan calculator. It is enough to fill out the proposed form, and the program itself will make all the necessary calculations. The borrower needs to indicate the estimated cost of the apartment, the size of the down payment and the period for which it is planned to fully repay the loan. After the calculation, he will receive information about the amount of the loan, the monthly payment and the amount of the overpayment.
It is important to consider that the rate is set individually for each borrower. Therefore, its actual size may differ from the estimated one (which is embedded in the calculation algorithm). Nevertheless, the data obtained will help to form a general idea of the conditions of mortgage lending in Sberbank.
Mortgage in "VTB-24" will help everyone solve housing problems
VTB-24 is one of the largest Russian banks providing its customers with a full range of financial services. A loyal approach to visitors, simplicity and quick clearance - all this includes lending to VTB Bank. Everyone can calculate the mortgage on the official website.
To obtain information about the loan conditions, it is necessary to indicate in a special form the borrower's region of residence, the number of members of his family, the loan term, the size of the down payment and the desired loan amount. Based on this information, the program will calculate the preliminary interest rate, the monthly payment amount and the total amount of the overpayment.
Buying an apartment on credit is sometimes the only option to get your own square meters. Many Russian banks offer their customers a mortgage. How not to make a mistake and make the right choice in such a variety of options? For those who know how to calculate a mortgage, this is not a big deal. Credit calculators, which are posted on the websites of most banks, will help you quickly and easily determine the size of the monthly payment and the amount of the loan overpayment in each particular institution.