How to calculate the overpayment of the loan

The real overpayment of the loan is not always as much as indicated in the advertising leaflet, it is written in large numbers in the contract. Sometimes the Bank's employees deliberately silent about certain commissions that the client suddenly learn already in the process of using credit funds. Therefore, it is important to know what additional payments exist, and be able to calculate the final cost of the loan on their own.

During consultation in the bank, do not be afraid to ask questions by a specialist. If he does not focus on the additional costs of the loan, specify yourself that you will have to pay apart from the named interest. This may be a monthly commission, a disposable commission upon receipt of money, insurance, payment for maintenance of the card (if the loan is issued for a card), the commission for removing cash in an ATM, for each repayment through the cashier. Also specify whether the Commission is provided for early repayment of the loan and how fines are calculated in the event of a delay.

Knowing all the costs of the loan, each person can independently calculate the total amount of overpayment, taking into account all commissions and payments. For example, you want to make a loan in the amount of 100,000 rubles under 10% per annum for 2 years, while the monthly commission is 1%, disposable - 2%, insurance - 0.5% monthly. One-time commission of 2% of the total loan in cash equivalent is 100,000 rubles * 2/00 \u003d 2 000 rubles. This payment is most often included in the amount of the loan, it is usually added to the insurance, if such is provided. In our example, with an insurance of 0.5%, 100,000 rubles will be accrued monthly * 0.5 / 100 \u003d 500 rubles. For 2 years, a total of 500 rubles * 24 months \u003d 12,000 rubles. Total total loan amount will be 100,000 + 2,000 + 12,000 \u003d 114,000 rubles, of which you actually receive 100,000 rubles in the hands. There may be this option that you have to make personal money to repay the disposable commission and the amount of insurance. Then the loan amount will be 100,000 rubles.

As for the annual interest rate, the situation is somewhat more complicated. Payments can be carried out on the annuity or differentiated scheme. Annuity scheme provides repayment every month of the same amount, in which the ratio of the share of the main body and percent changes in the direction of reducing the latter. That is, the bulk of the client pays the main amount of interest in the first months of the loan (even in the case of complete early repayment after a few months the bank will receive the main percentage).

With a differentiated repayment scheme, the amount of the principal debt is repaid every month equal shares, and percentages are numbered, based on the actual loan balance. Thus, the amount of monthly payment will gradually decrease. This repayment scheme is more profitable for the client in terms of actual overpayment.

Calculate the exact amount of overpayment of annual interest is not always possible manually, but it is precisely this part of the costs usually describe in detail, give a preliminary repayment schedule with primary consultation. In addition, you can use the online calculator on the Internet, which will also allow you to calculate all the costs of the loan. Such a service is available, for example, on the site calculator-credit.ru.. As primary data, the amount, loan period, interest rate, various commissions, type of payments, the beginning of payments should be made. It is possible to indicate the amount of the commission in monetary terms and in the form of percent of the amount of debt. For our example, subject to payment of a disposable commission and insurance from personal funds (that is, they are not included in the total amount of the loan), with an annuity repayment scheme of annual percentages, there are 10,747,82, and the monthly commission for the entire period of use of the loan will be 36,000.00 rubles (insurance + commission). Total, the overall overpayment of the loan will be 60,747.82 rubles (2,000 rubles a disposable commission, 12,000 rubles insurance, 46,747.82 rubles interest and commission).

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In addition, there may be additional costs of removing money, making a monthly payment through the cashier, for servicing the card. But there are more loyal conditions where only a disposable commission and the annual interest rate is provided. Keep in mind that in the case of the occurrence of delay there are increased interest on the amount of the overdue body or the entire balance of the loan (depending on the terms of the contract), but this no longer belongs to standard conditions, therefore it does not make sense to include overdue percentages. Let's hope that the drawing will not arise.

Knowing all possible payments and loan commissions, you can get more complete information in the bank, find out exact overpay. Then it will not be unpleasant surprises for you in the form of additional payments that you have not even suspected.