Monthly payments consist of two components - the body of the loan (principal debt) and interest payments. For the calculations of upcoming mortgage payments, you need to know the key characteristics of the loan - the size of the mortgage and its term, interest rate and payment type (differentiated or annuitants). We must not forget that paying off their mortgage often involves additional fees for consideration of applications for maintaining the loan account, for credit. That is why you should pay attention to the effective interest rate, which includes total expenses incurred by the borrower.
Initially, you must determine the required amount of loan. To do this, the appraised value of the property and subtract the downpayment. To loan amount required to pay the additional cost of insurance the life and property of the borrower, and the assessment of the property.
To calculate the correct amount of mortgage payments a borrower should know the loan repayment - annuitants or differentiated. When annuitant payments the loan is repaid in equal installments, including principal and accrued interest. In the first years, the debt is extinguished rather slowly, and most of the payments go to paying interest. The formula for calculating annuitants payment as follows: (loan amount*1/12 interest rates in hundredths)/((1-(1+1/12 interest rates in hundredths) to the extent of (1-the term of loan in months)).
Differentiated scheme of payments is constructed as follows: each month the borrower repays part of the principal debt and the interest that accrued on the loan balance. The main burden falls on the borrower in the first few months, over the years, the payments are becoming less. To calculate the credit according to the differentiated scheme originally needed the loan amount divided by the number of months of the loan. This amount will be the main payment. To calculate percent of outstanding principal balance is multiplied by the interest rate and divide by 12.
As an example of the calculation under the two schemes it is possible to take a standard mortgage to 3 million rubles for a period of 20 years with an interest rate of 12.5% per annum. When annuity payments, the monthly payment amount 34084 R., and overpayment for the entire period of 5.18 million R. whereas according to the differentiated scheme of payments will vary from 44 to 217 R. first 12 R. 633 at the end of the loan period. The overpayment in this case will not be as significant - 3.77 million rubles.
Formula calculating monthly mortgage payments is quite complex, so it is better to use specialized mortgage calculators that are widely available on the Internet. Today, these calculators are on the websites of almost every major Bank. For calculations, it is sufficient to input data and receive the result of the calculation.
Annetenna scheme of payments on the mortgage less favorable to the borrower, in terms of the amount of overpayment. While it allows you to better plan the family budget and less is less slip in the first years payments.
If the calculations showed that the monthly payment exceeds 40% of income, it is necessary to take the credit for a longer period. This will make the loan less burdensome for the family budget.