Before applying for a loan, it is important to correctly assess your own financial capabilities. The amount of the overpayment depends not only on the speed of debt repayment and the established rate, but also on the applied system for calculating interest on the loan.
In the banking sector, there are 2 systems for determining the amount of payments: differentiated and annuity. The interest rates are different. Banks often offer their customers to choose their own debt repayment scheme. Therefore, it is important to find out in advance which calculation method is more profitable.
Under this system, the amount of payments is the same throughout the life of the loan. Annuity - equal payments to each other. The bulk of consumer loans and microloans are repaid in this way.
With an annuity, first all the funds go to pay interest to the bank, i.e. the lender receives the greatest profit in the first months, and then the money begins to be transferred to close the principal debt (loan body).
Algorithm for calculating the amount of payments:
Example. The client has issued a loan for 65,000 rubles. at 15% per annum for a period of 1 year. The amount of payments for all coming months is equal to (65000*15/12)/(1-((1/(1+15/12))) (12-1) = 5866.79 rubles. year It is equal to (5866.79 * 12) -65000 \u003d 5401.48 rubles.
With this type of calculation, the amount of monthly tranches is constantly decreasing. For auto loans and mortgages, a differentiated interest rate system is often established. The payment consists of a fixed amount, with which you can repay the loan body in equal installments, and a constantly decreasing amount of accrued interest. The loan will be calculated according to the following formula:
The fixed amount is equal to the result of dividing the loan amount by 12 months. Example. The client has issued a loan for 65,000 rubles. at 15% per annum for a period of 1 year. The fixed amount is 65000/12=5416, 6 rubles. In the first month, the payment will be 5416.6+((65000*15*30)/(100*365))= 5416.6+801.3=6217.9 rubles. When paying for the second month, the loan body will decrease by 5416.6, and the installment will be equal to 5416.6 + ((59583.4 * 15 * 30) / (100 * 365)) = 6151.2 rubles.
A citizen cannot choose the type of payment when buying goods in installments, applying for a microloan. If the borrower decides to take a car loan or get a mortgage, then he can be offered a choice of a differentiated or annuity debt repayment scheme. Pros and cons of both interest calculation methods:
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Interest Calculation Method |
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Annuity |
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Differentiated |
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Before applying for a loan in the selected bank, you should familiarize yourself with the terms of the loan. When choosing a method for calculating interest, you need to consider:
Differentiated payments are beneficial if the borrower is going to repay the loan throughout its term, because the final amount of the overpayment will be less.
If a citizen is going to quickly pay off the debt, then you can choose an annuity system, because. Early repayment will result in less interest.
A citizen should take into account that the result of independent calculations may differ from the amount received from the bank. This is due to the fact that the amount of commission, the cost of drawing up a contract, and compulsory insurance are added to the payments. Their values must be indicated in the loan agreement. Credit can be calculated in the following ways:
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Calculation method |
Minuses |
The online loan calculator will help you calculate the monthly payment and allow you to independently choose the conditions that meet your financial capabilities. In addition, you can independently compare different types of loans available to you and choose the best option according to the payment schedule, size and type of payments, without resorting to the help of bank employees.
Two types of payments are available for calculation: annuity and differentiated. A differentiated payment is the repayment of equal amounts of the principal debt + decreasing interest accrued on the balance of the principal debt. As a result, with a differentiated payment, the amount of monthly payments is constantly decreasing. Annuity payment occurs in equal payments every month. It should be borne in mind that from the point of view of overpayment, differentiated payments are more beneficial for the borrower, and annuity payments for the bank. For short periods, the difference in overpayment is insignificant, but for a long term loan, the service will show a noticeable discrepancy. Especially if the interest rate is high.
A typical picture for long loans with the same payments is a minimal decrease in the principal debt at the beginning of use. In fact, the borrower pays only interest, and only a small part goes to repay the debt. The disproportion begins to disappear approximately by the middle of the loan term. The calculator will be useful for calculating loans to both individuals and legal entities.
To start the calculation, fill in the form fields below and click the "Calculate" button.
Hello Olga.
I accept the inheritance in a metal deposit. How is the value of the duty of such an inheritance calculated?
Olga
As in the case of any other property, the calculation of the state duty for the issuance of a certificate of the right to inheritance is carried out according to the rules of paragraph 22 of Art. 333.24 of the Tax Code (this article is given above), based on the value of the inheritance property. Metal accounts are bank deposits that are valued based on the current value of the precious metal.
At the cadastral value, the duty is cheaper than at the inventory? How much should a notary pay?
Olga
In accordance with Art. 333.25 of the Tax Code, at the choice of the payer, for the calculation of the state duty, a document may be submitted indicating the inventory, market, cadastral or other (nominal) value of the property. Notaries and officials performing notarial acts, is not entitled to determine the type of property value (valuation method) for the purpose of calculating the state duty and require the payer to submit a document confirming this type of property value (valuation method). In the case of submission of several documents, indicating the different value of the property when calculating the amount of the state fee the lowest of the indicated values of the property is accepted.
The following are exempted from paying the state fee for notarial acts (Article 333.38 of the Tax Code):
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2) disabled people of groups I and II - by 50 percent for all types of notarial acts;
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5) individuals - for the issuance of certificates of the right to inheritance upon inheritance:
a residential building, as well as a land plot on which a residential building, apartments, rooms or shares in the specified immovable property are located, if these persons lived together with the testator on the day of the testator's death and continue to live in this house (this apartment, room) after his death ;
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bank deposits, funds in bank accounts of individuals, sums insured under contracts of personal and property insurance, wages, copyrights and royalties provided for by the legislation of the Russian Federation on intellectual property, pensions.
Heirs who have not reached the age of majority by the day of opening the inheritance, as well as persons suffering from mental disorders, over whom guardianship has been established in the manner prescribed by law, are exempted from paying the state fee upon receipt of a certificate of the right to inheritance in all cases, regardless of the type of inheritance property.
Is it possible to ask a notary for his calculation for verification?
Olga
Yes, you certainly may. But you must remember that in addition to the state fee, notaries collect the cost of technical and legal services rendered (initiation of an inheritance case, preparation of draft documents, requests to the bank and other institutions, search for heirs, etc.), which is not regulated by law and is determined by the notary independently . You have the right to apply in writing for the issuance of a transcript of the issued invoice indicating the cost of each action performed, the prepared document, etc. Due to the fact that the state fee must be paid before performing a notarial act (Article 333.18 of the Tax Code), having paid the full cost set by the notary and having received the calculation, you have the right to appeal it.
There are many banks in the modern lending market. You can get a loan for any purchase: from household appliances to an apartment. One of the main indicators in the loan agreement is the interest rate. The amount of overpayment on borrowed funds depends on it. The lower the interest rate, the lower, respectively, the amount of the overpayment will be. But how to calculate the interest on a loan? What formula the bank uses and how to profitably use the loan agreement, we will tell in this article.
The loan agreement, as a rule, involves two main actors. This is a bank and a client. The client signs an agreement, from which it follows that the borrower asks him to finance on certain conditions.
Each loan agreement is drawn up on the terms of payment, repayment and urgency. Paid means that a banking organization issues money to a borrower at a certain percentage, on which the bank earns.
Repayment means that the client must repay the entire loan amount, including interest for the actual use of credit funds. And urgency includes certain payment terms, which are not recommended to be violated, as penalties will follow.
You can draw up a contract for goods, an apartment, or just take cash. In this regard, there are three main areas:
You can also distinguish between targeted and non-targeted loans, but all these are just general designations. The most important thing in lending is the rate on the loan, on the basis of which interest is calculated.
In order to be well versed in bank offers for loan agreements, it is important to be able to calculate the interest on the loan yourself. This will allow you to assess the total cost of lending and find the best offers. In order to understand how to calculate a loan on your own, you need to understand some banking terminology.
This is one of the basic concepts. Also, loan debt is often called the body of the loan or the amount of the principal debt. This is the part of the money with which the bank finances the client. It should be borne in mind that the amount of the principal debt may include additional services, such as insurance and SMS informing.
The interest on the loan will depend on the loan amount. Since the annual interest rate on the loan is charged just on the amount of the principal debt.
Let's take an example. Let's say you got a loan for 15,000 rubles, in addition - a life and health insurance service for 2,000 rubles and SMS informing for 800 rubles. The total loan amount will be 17,800 rubles. This is the amount on which the bank will charge interest.
But as the monthly payments are paid, the body of the loan will decrease, and interest will be charged on a smaller amount of the principal debt.
Loan interest is a fixed amount, depending on the body of the loan, which the bank offers to the client for servicing the loan agreement. Interest rates vary for different types of loans.
For mortgage agreements, the rate varies from 10 to 15%, which is significantly lower than for consumer loans (about 20-40%). This is due to the fact that the loan body in a mortgage is much higher than, for example, in lending for household appliances.
The monthly payment is the amount that the customer agrees to pay on a monthly basis. It consists of the principal amount and interest on the loan agreement. Such a payment may be annuity, i.e. the same throughout the entire loan, with the exception of the most recent payment.
Or differentiated, in which a fixed amount of loan debt is set, but the payment itself decreases as the loan is repaid.
Having familiarized ourselves with the basic terminology, we will now be able to understand how to carry out loan calculations on our own. All banks use a single formula for calculating interest on a loan. It looks like this:
Proc. = Main debt * Proc. becoming * Fact. days / Days year where:
Based on the parameters, the total loan (principal amount) will be 20,000 rubles (18,200 + 1,000 + 800). On it, interest begins to be calculated in the first month. We substitute the values in the formula and calculate the percentage for May:
Proc. \u003d 20,000 * 20% * 31 / 365 \u003d 339 rubles 73 kopecks. This is the amount of interest that will be included in the monthly payment for May. Payment must be made by June 1st. Let's build a repayment schedule table:
As can be seen from the table, the monthly payment includes interest for May, which is calculated from the original loan debt. At the same time, the body of the loan decreased. Calculating the value is quite simple: 20,000 - 2,660.27 = 17,339.73. Now the interest rate on loans and borrowings will be charged on a smaller amount of loan debt. We continue to calculate the annual interest on the loan:
Proc. \u003d 17,339.73 * 20% * 30 / 365 \u003d 285 rubles 04 kopecks. The amount of interest that will be included in the monthly payment for June. We pay, respectively, until July 1. We will extend our payment schedule.
The loan body continues to decrease: 17,339.73 - 2,714.96 = 14,624.77. What pattern can be seen? Every month, the monthly payment includes more and more of the principal amount and less and less interest. Thus, loan agreements are structured in such a way that in the first months the bank will receive the greatest profit.
And closer to the end of the loan term, the amount of overpayment included in the monthly payment will be insignificant. And the borrower, in order to save money as much as possible, needs to pay off all the debt as soon as possible. This is just an example of how credit is calculated. It is not necessary to calculate everything on your own, banks offer services in the form that will build a similar payment schedule in a matter of seconds.
In this case, the service will be a loan, so additional conditions, such as insurance or SMS messages, are optional, with the exception of property insurance for a mortgage or collateral insurance for a car loan. Therefore, without including additional services, you can reduce the body of the loan.
