When it comes to get credit, the first thing that draws attention to the consumer - is the interest rate or, in other words, the percentage.And here we are often a difficult choice, because banks often offer not only different interest rates, but also a different way of repayment.
Rates and payments - what are they
There are several types and forms of credit rates that differ significantly from each other.A person is not dedicated to the intricacies of financial institutions is quite difficult to understand this question.Nevertheless, independently calculate the loan payment and overpayment and choose the most suitable repayment option is not so difficult.Of course, many banks are offering to take advantage of the help of a loan calculator, but it is far more interesting to explore on their own.
To get started is to know what the interest rates are fixed or variable.The first version was originally prescribed in the contract and does not change until the end of its term, and the second involves a periodic change in the interest rate depending on various factors.
Interest payments are calculated independently variable type is difficult, since it is necessary to take into account too many factors, so it will dwell on a percentage permanent.
Annuity
so called for the same amount of monthly payments under the contract loans.This is one of the most popular to date methods of repayment - for many borrowers it is convenient to make monthly payments of equal size.This allows you to accurately plan the family budget, taking into account the payment of the loan.
Interest payments annuity types include two components:
- amounts received in payment of interest themselves;
- means going to repay the loan.
After some time, the ratio of these components is gradually changing - the interest component decreases, and the amount directed to repayment of principal, increases.The total amount of payments, however, remains unchanged.
Thus, the annuity payments cause a somewhat higher total overpayment.This is because at the beginning the principal amount is reduced slightly, and interest is charged on the outstanding balance.Initially, therefore, the main share of interest paid.And then comes the repayment of the principal of the loan, especially when attempting to early redemption.
Example calculation Let
for example calculate the monthly interest payments on the loan in the amount of 600 thousand. Rubles for 3 years at 24% per annum.First you need to calculate the interest rate on the loan in the month (R), for which the annual interest rate divided by the number of months of the year (the result, of course, divide by 100, as a percentage):
n = 24: 12: 100= 0,02%
now calculate the annuity factor (A):
A = P x (1 + R) N: ((1 + R) N-1)
P - rate% per month (hundredths).
N - number of periods of maturity (how many months taken credit).
A = 0.02 x (1 + 0.02) 36: ((1 + 0.02) 36 - 1) = 0,02056
Next, we need a formula for calculating the annuity payment:
M = K xA
K - the total amount of the loan.
A - annuity rate.
M = 600 000 x 0.02056 = 12,336 rubles.
Thus, if you want to take the credit on the proposed conditions, then you will have to pay during the 36 months to 12 thousand. 336 p.
Early repayment
Despite the fact that the schedule of payments on the loan in this case is stable and accurate predictive in nature, many customers may want as quickly as possible to fulfill their obligations.It would seem that banking institutions should welcome the premature repayment of the debt, because thus significantly reducing the risk of default, but in practice it is not so.When early repayment of credit the bank loses part of the amount owed, so not every loan agreement provides for this possibility, so that this point should discuss before signing the contract.
to change the schedule of annuities is necessary to notify the employee of the credit institution and to the amount of money that exceeds the normal payment.An employee of the bank on the basis of this will be for you a new schedule, it is worth to take into account - the calculation is carried out in a way that will reduce the fixed interest payment, and their number will remain unchanged.
Benefits annuity payment
Some may think that the annuity payment repayment absolutely not profitable yet, in some situations it may be better differential.Especially when you have to pay interest on the mortgage - payments for quite a long time and a lot of amount.The advantages in this case is obvious:
- receive a loan is possible even at a low income;
- small sums contributed by the payment can reduce the burden on the family budget;
- over time, the high cost of the loan is felt less, as the laws come into force inflation.
Differentiated payment
no less popular in Russia, and such a scheme of repayment of the loan, with interest payments that gradually decrease at the end of loan period.Such a system is called a differentiated and also consists of two parts:
- fixed - amounts used to repay the loan principal;
- decreasing - loan interest accrued on the outstanding balance;
As a result of the fact that the amount of debt repaid in the first place, it is constantly decreasing, and thus reduced and accrued interest.Thus, your monthly payment on the loan will no longer be a fixed amount, and payment will be reduced by the payment.
worth knowing that if you choose a loan agreement with differentiated payments, the interest rate will be significantly higher and, therefore, you will have to confirm a monthly income sufficient to repay the loan.
Calculate
spend a little time to find differentiated interest payments.The formula for calculating them is quite simple.
P = K / N
P - payment.
K - amount of the loan.
N - number of months.
A percentage is applied to calculate the formula:
% = O x T% / 12
% - the amount of interest.
about - the rest of the outstanding debt.
% T - annual interest rate.
to get the final payment amount, add up all together.Thus, by repeating these calculations as many times as you can to make yourself debt repayment schedule.
How not to make the wrong choice
Before you finalize the order, which one to choose for the bank loan agreement, is yet to clarify such aspects:
- sober assessment of your monthly income.When making a loan with a differentiated system of repayment of the bank will assess your income, correlating it with the first payment, but in this case it is the biggest.
- Think carefully about the probability of early repayment - when calculating annuity payments it makes sense only in the early maturity towards the end of the interest already paid and will reduce the total amount of overpayment will not succeed.So if you are planning to repay the loan ahead of schedule - it is better to issue the loan repayment with a differentiated way.
- Enjoy the convenience of repayment.When consumer credit for domestic use you'll want to quickly say goodbye to debt, but differentiated mortgage interest may be unfeasible.
Conclusion So let's just summarize.Differentiated way of refund should choose those who:
- prepares loan for a long time and is planning to take a large amount;
- has doubts about the long-term sustainable financial position, but at the time of processing the loan is quite confident in his abilities;
- wants to minimize the amount of overpayment on the loan;
- plans to pay off the debt as quickly as possible.
fixed interest payment - the optimal choice for:
- borrowers who are unable at first to make large sums of money;
- customers that the value of the average monthly income does not allow to make a down payment for credit with a differentiated schedule;
- people who took a loan and not for long enough;
- customers seeking to plan a budget, relying on a fixed amount of payment on the loan.
As soon as the bank offers you a choice of carefully examine both options, a sober assessment of their capabilities.Ask the bank staff available to explain to you how future payments will be calculated.You can also print out both options and carefully examine them in a quiet home, weigh the pros and cons.Then you can be certain of its financial health.
