2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Real estate in Russia cannot be called cheap. Few of our compatriots can afford to buy a new apartment only at their own expense. The vast majority are forced to use borrowed money for this purpose. It is unlikely that acquaintances or friends will be able to borrow a couple of million years for 15-20. So the only option is to contact a commercial bank.
Why do you need to calculate your mortgage payment
Before answering the question of how to calculate a mortgage, I want to understand why do it at all. After all, you can immediately contact the bank - a nice girl consultant will calculate everything and explain everything in great detail. Basically, it is. But before applying to 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 apply for a mortgage loan. It will take a lot of time to access each of them sequentially.
You can simplify the selection procedure by using modern Internet technologies. Practically inEach bank has implemented an online service that allows you to calculate the main parameters of a loan right from the comfort of your home. This service is called a loan calculator. To obtain the necessary information, simply 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 overpayment on the loan.
Loan payment is the main decision criterion
Now it became clear how to calculate the mortgage. The next question is: "What to do with this information?" It's 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, 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. This is due to two reasons:
- No matter how much the overpayment on the loan, you need to pay it every month. If a borrower chooses a loan with a lower overpayment but too high a regular payment, they may have problems paying off their mortgage in the future. 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 to issue a loan, the bank will definitely take into account what part of their income the borrower will direct to hisredemption. The smaller it is, the more likely it is to get approved for a loan application.
Methods of repaying a mortgage loan
In order to correctly evaluate the results of an automated calculation, it is desirable to understand at least in general terms how to calculate a mortgage payment. There are two ways to do this.
- Differentiated. In this case, the same amount of the principal debt to be repaid is included in the payment. The amount of interest to be paid monthly is calculated based on the remaining loan amount. As the mortgage is repaid, it gradually decreases. The closer the end date of the loan, the lower the amount of the differentiated payment.
- Annuity. With this method of repayment, the payment remains unchanged for the entire term of the loan. The amount of accrued interest is included in the amount of the monthly installment, the rest goes to repay the principal debt.
Knowing how to calculate a mortgage and what criteria it is best 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 in Sberbank: easy to calculate, easy to arrange
Many of those who want to buy an apartment on credit turn to Sberbank. No wonder, because it is he who is one of the leaders of the Russian credit market. Therefore, it will be useful for absolutely everyone to know howcalculate a mortgage in Sberbank.
To do this, in principle, is not difficult at all. There is a loan calculator on the official website of the bank. It is enough to fill in 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 amount 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 loan amount, monthly payment and overpayment amount.
It is important to consider that the rate is set individually for each borrower. Therefore, its actual size may differ from the calculated one (which is included in the calculation algorithm). Nevertheless, the data obtained will help to get 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 clients with a full range of financial services. Loyal approach to visitors, simplicity and fast registration - all this includes lending at VTB Bank. Anyone can calculate a mortgage on the official website.
To obtain information about the terms of lending, you need to indicate in a special form the borrower's region of residence, the number of family members, the loan term, the amount of the down payment and the desired loan amount. Based on this information, the program will calculatepreliminary interest rate, monthly payment amount and total overpayment.
Buying an apartment on credit is sometimes the only option to acquire your own square meters. Many Russian banks offer their clients to apply for 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. Loan calculators, which are available on the websites of most banks, will help you quickly and easily determine the amount of the monthly payment and the amount of overpayment on the loan in each particular institution.
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