Mortgage is an important event in the life of every person for understandable reasons. But this is not only the emergence of their own roof over their heads, but also a heavy credit commitment for many years to come. Therefore, calculating the monthly payment for a mortgage is no less serious than the choice of the apartment itself. Calculator will help to cope with this issue and correctly plan future expenses.
How is the mortgage considered?
To begin, let’s explain how the mortgage loan is calculated. Here you need to decide what is more important for you:
- Get approval (then you need to calculate the mortgage by salary);
- Acceptable monthly fee (use a free mortgage calculator – “on payment”);
- The amount of overpayment (you need to calculate the cost of a mortgage with overpayment);
- Interest rate (do the calculation of interest on a mortgage on a calculator).
If you doubt that the salary will be enough to approve best home loan, use a mortgage calculator on income or go easy: allocate 40% of your income – this will be the maximum allowable monthly installment.
Having determined the possible maximum on payment, adjust for yourself this amount – are you ready to give such amount of funds every month to the bank and will the financial situation change during the loan term?
Calculating the mortgage on overpayment will make you think about the best home loan term, the change in the size of the down payment and the possibilities for a monthly payment. The example (calculated at 13.5%) will help to verify this:
Mortgage 1000000 for 15 years, the calculator shows a payment of 12983 rubles. with an overpayment of 1 336 971 rubles.
Mortgage 1000000 for 20 years – a payment of 12073 (below only 900 rubles), and overpayment is already 1 897 696 (difference of 561 thousand).
Interest is the determining factor in the cost of mortgages. The interest rate in 2017 on the calculator is taken into account based on the chosen credit program. Each bank offers its list of products, among which:
Mortgage with government support (preferential mortgage lending on a calculator is calculated at a rate of 11.9% per annum).
Mortgage to the finished housing (if the standard flat is prepared for a mortgage, you can calculate it at a rate of 13.1-13.5%, for young families; use the rate of 12% in the calculations).
The best home loan is under construction (enter the figure from 12.5% in the mortgage calculator online to calculate the loan for a new building).
Best home loan for the construction of a house (if you need money for construction, use the same mortgage calculation on a calculator for individuals at a rate of 13-14% per annum).
Target programs (target programs use separate tariffs: military mortgages, mortgages for scientists and teachers, mortgages + maternity capital, etc.)
Parameters influencing the interest rate
Each bank in the loan programs implies additional conditions that significantly change the rate on the loan. It can be:
The discount for salary clients (as a rule, participants of the salary project receive a mortgage at a lower price by 1-3%);
The rise in price for the registration of the property before registration of the mortgage + 1%;
The rise in price for the lack of insurance (+ 0.5-1% for each type of insurance);
Solvency of the client (the bank can increase the cost of the loan, if your parameters seem to be insufficient);
Number of documents provided (for example, if a loan is issued without a certificate of 2NDFL, its price increases by 2-3%).