How to calculate a loan?

Nowadays, a loan is a sought-after financial product to which Russian citizens are resorting more and more often. Due to the increase in demand, the number of offers is also growing, many commercial organizations offer their services to clients in need of financial assistance every day. In such conditions, it is difficult for a non-specialist to find a better offer, because each financial organization promotes its own lending programs. A loan calculator will help in this situation, with the help of this tool, it is enough to simply make a preliminary calculation.

How to independently calculate the amount of loan payments?

Calculation of the total amount and interest is carried out according to the standard formula, taking into account commission fees.

As a calculation tool, it is possible use the online loan calculator on the Vyberu.ru portal. To do this, you will need to deposit the loan amount, taking into account the repayment period and the interest rate. Thus, it is possible to accurately determine the repayment schedule and what the amount of overpayments will be.

It is possible to make calculations in Excel independently, but it is necessary to check the data obtained from those calculated with the help of a calculator. If the information is different, it means that the credit institution included the cost of additional services, but the client was not informed about it. This is very important when making monthly payments. Unfortunately, such a practice exists, so it is important to consider every detail when making calculations.

Terms used by creditors

The debt repayment schedule is a set of monthly payments that reflects the annuity payment scheme. The table includes the following indicators: accrued interest, the total amount of the debt, the balance, the amount of overpayments, and the number of contributions. The cost of additional services can also be included in the document. The document is attached to the main contract and is an integral part of it.

Monthly payments are the minimum amount of deposited funds. When calculating the monthly payments, the principal amount owed, the loan rate, commission fees, payment of insurance and additional services are taken into account. The most common payment scheme is considered an annuity, sometimes fin. Institutions offer customers a differentiated method of making payments.

The annuity form is calculated

With fixed payments, the main body of the loan is divided into equal parts for the entire period of the loan. The basis of the payment is interest and the amount of the debt.

When using an annuity, accrued interest will decrease along with the loan term, but the total amount of debt will increase. Annuity payment is beneficial for most borrowers, as the amount of the initial payment will not differ much from the last payments. With the first payment, the main share of accrued interest is covered. Calculations are made according to the classic formula that is used in most banks.

Differentiated payment

In the case when the payment is made according to the differentiated method, the size of the monthly payments will gradually decrease with the term of the loan. As in the first case, payments are divided into: a fixed amount and a decreasing part.

Taking into account that the main amount borrowed gradually decreases, the interest rate will decrease, and with it the amount of monthly payments. Calculation of the principal amount is carried out according to the following formula:

VD = PSK / SP

Where VD is the return of borrowed money, PSC is the initial amount of the loan, SC is the repayment term.

This is a standard calculation formula that calculates the amount owed. Some organizations may use a different scheme, but the result will be the same. The calculation of interest per hour is calculated based on 12 months, according to the following formula:

SP = OD x GPS / 12

SP - the amount of interest, OD - the balance of the debt, GPS - the annual interest rate, 12 - the number of months.

All calculation schemes are conditional and not mandatory, each organization uses its own convenient formulas.