How to calculate the full cost of the loan

Until the conclusion of the loan agreement, the amount of payments and the timing of their payment are negotiated. The total amount of these payments is called the total cost of the loan, which also includes payments to third parties, for example, insurance companies, if specified in the lending contract.

The calculation of full cost is carried out in annual percentages and is calculated by the formula established by the decree of the Bank of Russia from 2008. "On the procedure for calculating and bringing to the borrower - an individual of the full cost of the loan." Each bank tries to count this indicator with benefits for itself, including the main formula for additional elements, so on. Possible deception.In fact, the full cost of the loan turns out to be higher than the annual percentage in the lending contract. This is due to the fact that the calculation formula takes into account the level of possible incomplete income of the borrower, although it is not the cost of a loan agreement.

The list associated with the conclusion and implementation of the loan agreement of payments, which are included in the PSK formula:

the sum of the basic body of the loan;
interest on the loan;
fees for registration of the contract;
commission for issuing credit funds;
commission for the opening, maintenance of accounts provided for by the loan agreement and bank cards of the borrower;
service fee (calculated and operational).

Sometimes the terms of the loan agreement provide additional payments in favor of third parties. Third parties include insurance companies, notaries, notarial offices. Among such payments, there is a fee for the assessment of mortgage property, the life insurance and the responsibility of the borrower and / or collateral and other rates of additional services are dictated by third parties. It should be borne in mind that tariffs for third party services over time may vary, based on what it is not always possible to calculate PSK with 100% reliability.

Some payments are not made to the estimated formula. Among them: OSAGO, penalty for failure to fulfill the terms of the contract, various types of commissions (early repayment of the loan, the use of cash registers or ATMs, an extract about the amount of debt, overdraft excess), as well as payment for additional bank card services (currency operations, suspension of card maintenance , third-party cash enrollment).

The formula for calculating the PSK without additional payments consists of the following elements:

di - date of each specific payment;
dO - the date of issuing a loan;
n is the total number of payments;
DPI - the sum of each specific payment;
Psk - the full cost of the loan.

Manually it is quite difficult to calculate PSK. Using the Excel program greatly simplifies the process:

build a table consisting of 2 columns - the date and amount of payment;
in the first line, specify the credit date and the total amount with the sign "minus";
make data on the payment schedule issued in the bank;
additional payments make a table in separate lines;
in the free cell outside the table, make a task «\u003d Chelichind (values; dates) », where «values » - this is the amount of payment of a specific period, and «dates » - permissible final payment dates;
you need to make data, highlighting each column completely, but without a name;
press "Enter", the result obtained must be multiplied by 100% to obtain the final result of the PSK.

Calculations on the formula of the full cost of the loan is quite laborious. A variety of online calculators come to the rescue, which take into account all the nuances of the loan agreement.