Loan calculator based on monthly payment amount. Loan calculator with early repayment

This consumer loan calculator from Home Credit Bank, Gazprombank, Yugra Bank is designed to calculate new and existing bank loans. The calculator considers not only loans from this bank. It is universal and can calculate a loan from any other bank. If you need a loan, you can.

How the calculator works

To calculate an existing consumer loan, you need to enter the amount, rate, term in months, date of the first loan payment and type of payments. Home Bank mainly makes annuity payments. Sberbank and Gazprombank boast differentiated payments.
In the additional parameters for calculation, you can set the accounting of weekends - if you set this flag, the calculation will be made with the transfer of the monthly payment from weekends to the first working day.
The second flag is the first payment is interest only. It is usually relevant for mortgages. This is when the date of issue and the date of the first payment do not match. You have to pay interest for using the bank's money on the entire amount for several days.

Features of calculating early repayment of consumer loans.

The calculator allows you to calculate the loan taking into account the early repayment of your loan. If you pay an amount that includes a regular payment, you need to subtract the monthly payment from this amount. This will be the amount for the net early repayment. It will be taken into account and displayed on the graph.

The calculator has the ability to calculate by specifying the amount of early repayment of the monthly payment to reduce the amount. This is a help function. Those. Let’s say every month you pay a certain amount on top in addition to the next payment. What will your debt and your payment be in a year? — this calculator will help answer this question.

Currency selection

The calculator makes calculations without taking into account currency. Those. This is a universal calculator for any currency. You just need to enter your details and click calculate. The data can be taken from the loan agreement or from the Home Credit Internet bank. Everything is simple - take it, enter it and count it. Calculations can be exported to MS Excel format. If you are unable to make the calculation, I recommend leaving your questions in the comments and they will definitely help you.

Not every Russian has the opportunity to make an expensive purchase. Many people who dream of buying new household appliances or real estate are forced to take part in consumer or mortgage lending. Studying the credit products presented on the domestic financial market, every Russian citizen tries to save on interest. To choose the most profitable loan in all respects, individuals need to know how to calculate monthly payments and interest rates. This can be done directly at a branch of a financial institution or independently using special formulas.

How to calculate annual interest on a loan?

S = Sз * i * Kк / Kg, Where

• S – amount of interest;
• Sз – loan amount (for example, );
• i – annual interest rate;
• Kk – the number of days allocated by the bank to repay the loan;
• Kg – number of days in the current year.

How to calculate the amount of accrued interest can be seen using an example:

• Loan term – 1 year.
• The annual interest rate (about the same as that received from other banks) is 18.00%.
• S = 300,000 * 18 * 365 / 365 = 54,000 rubles an individual will have to pay for using credit funds.

To calculate annual interest, clients of a financial institution need to carefully study the loan agreement. The agreement usually specifies not only the amount of the loan issued, but also how much must be repaid at the end of the agreement. To carry out calculations, subtract the smaller amount from the larger amount, then divide the resulting result by the duration of the loan program, then multiply the final figure by 100%.

• An individual took out a loan for 300,000 rubles.
• Loan term – 1 year.
• At the end of the term, you need to return 354,000 rubles.
• Annual interest S = (354,000 – 300,000): 1 * 100% = 54,000 rubles.

You can carry out the calculation in one more way. The borrower should sum up all monthly payments, and then add additional payments to the result obtained (for example, additional fees, commissions, the amount of funds charged by the bank for servicing the loan program, etc.). After this, the result must be divided by the term of the loan, and the final figure multiplied by 100%.

• An individual took out a loan for 300,000 rubles.
• Loan term – 1 year.
• Annual interest rate – 18.00%.
• Additional payments – 2,500 rubles.
• The monthly payment amount is 4,500 rubles.
• Annual interest S = (4,500 * 12 + 2,500) * 18.00%: 1 * 100% = (54,000 + 2,500): 1 * 100% = 56,500 rubles.

Formula for calculating interest on a loan

Today, the banking sector uses two main schemes for calculating interest on loan programs. In this case, we are talking about differentiated and annuity payments, which borrowers are required to make once a month to the bank account of their lender.

• Sa – payment amount (annuity);
• Sk – loan amount;
• t is the number of mandatory payments under the loan program.

How calculations are carried out can be seen using the following example:

• Monthly payment amount = (60,000 * (0.17/12)) : 1 – (1: (1: (1 + (0.17:12)))) = 850.00: 0.1553 = 5,472, 29 rubles.

When calculating the amount of monthly payments (differentiated), banks use a different formula:

• Sp – amount of accrued interest;
• t – number of days in the payment period;
• Sk – loan balance amount;
• P – loan interest rate (annual);
• Y – number of days (calendar) in a year (366/365).

• An individual took out a loan in the amount of 60,000 rubles.
• Annual interest rate – 17.00%.
• The loan term is 1 year (12 months).
• The loan amount, which is repayable every month, is 5,000 rubles.
• For January = (60,000 * 17 * 31) : (100 * 365) = 866.30.
• For February = (55,000 * 17 * 28): (100 * 365) = 717.26 ...
• For December = (5,000 * 17 * 31) : (100 * 365) = 72.19.

How can individuals choose the most profitable interest calculation scheme?

In order for potential borrowers to choose the most profitable interest calculation scheme, both methods should be compared. If you focus on the amount of overpayment, then it will be more profitable to apply for credit programs that provide differentiated monthly payments. It is worth noting that this method also has a drawback. Unlike annuity payments, with a differentiated method of loan repayment, the main credit load will be placed on the first months of using the program.

If we consider mortgage loan products, then the annuity method of repayment will be extremely unprofitable for them, since in this case individuals will have to overpay very large amounts of money.

How to calculate a mortgage for 15 years?

Every person sooner or later begins to think about how to improve their living conditions. If he has enough savings, he can purchase a larger living space. In cases where individuals do not have the opportunity to save up even a third of the cost of a property, the only option to improve their living conditions is to participate in mortgage lending.

Currently, on the domestic financial market, a huge number of banks offer mortgage loans to Russians. In order to choose the most favorable loan terms for themselves, individuals should independently calculate how much interest they will have to pay, for example, for 15 years. When making calculations, potential borrowers should take into account that the cost of a mortgage loan includes:

• the amount of the loan issued;
• the amount of interest accrued over the entire period of use of the loan;
• insurance payments;
• cost of appraiser services;
• additional payments.

As a rule, mortgage loans can be repaid either by annuity or graduated payments. It will be easier for potential borrowers to calculate the overpayment on the loan in the case of annuity payments. To do this, they need to use the formula:

X = (S*p) / (1-(1+p)^(1-m)), Where:

• X – size of the monthly payment (annuity);
• S - mortgage loan amount;
• p – 1/12 of the interest rate (annual);
• m – term of the mortgage loan (in months), in this case 15 years = 180 months;
• ^ - to the degree.

When calculating differentiated payments, it is customary to use the following formula:

• ОСХ*ПрС*х/z – the monthly payment is determined.
• OZZ/y – reduction of debt after making a monthly payment.

• OSZ – loan balance (calculation is carried out separately for each month);
• PrS – interest rate (total);
• y – the number of months remaining until the loan is fully repaid;
• x – number of days in the billing month;
• z – number of payment days (total) per year.

Advice: In the case of a mortgage loan that provides for differentiated payments, it is better for potential borrowers to use a loan calculator. This is due to the fact that a complex formula is used to carry out the calculations. You can also contact the bank branch where you plan to apply for a mortgage program, where a specialist will calculate the amount of the monthly payment and answer all the client’s questions, for example, is it possible.

How to calculate the monthly loan payment?

Many Russian citizens who choose a loan program use a standard formula for calculating monthly payments. They take the loan amount as a basis, multiply it by the monthly interest rate and multiply everything by the number of months of lending.

• Interest rate – 10.00%.
• First of all, the monthly interest rate is determined - 10.00% / 12 = 0.83.
• (100,000 x 0.83%) x 12 = 9,960.00 rubles must be repaid monthly.

Advice: this formula can be applied in the case of annuity payments, in which the borrower will have to repay a fixed amount of funds once a month. In the case when the bank issued a loan on the terms of differentiated payments, the amount of monthly payments will be calculated using a different formula. It is also worth noting that when paying with differentiated payments, individuals will have to return a smaller amount to the lender each subsequent month.

When calculating differentiated payments to individuals, one important point must be taken into account. The interest rate will be calculated each month on the loan amount reduced by the monthly payments already made.

• The loan amount is 100,000 rubles.
• The duration of the program is 1 year.
• Monthly interest rate 0.83%.
• Monthly payment (loan amount / number of months (payment periods)).

The amount of monthly payments (differentiated) will be calculated for each month:

The example shows that every month the body of the loan to be repaid will remain unchanged, and the amount of accrued interest will change downward.

How to calculate the monthly loan payment using the program?

In this program you need to fill in the empty windows into which you should enter data:

• loan amount;
• the currency in which the loan product is planned to be issued;
• interest rate offered by the bank;
• validity period of the loan program;
• type of payments (differentiated or annuity);
• start of loan payments.

After entering all the data, potential borrowers only need to click on the “calculate” button. In just a few seconds, information will be displayed on the monitor screen that will allow individuals to give a financial assessment of the selected credit program.

Save the article in 2 clicks:

Every Russian who decides to use an available banking product, for example, must assess his financial capabilities before submitting an application. To do this, he needs to make calculations of annual interest and monthly payments. Calculations will only be possible using special formulas. Individuals can also use free loan calculators, which are located on the official websites of Russian banks. The calculations performed will allow potential borrowers to understand whether they can service the chosen loan or whether they should look for a program with more affordable conditions.

In contact with

A consumer loan is a loan that you take out for various consumption needs. For example, you want to buy a TV in a store or a washing machine, or go on vacation.
Purchasing a tour from an operator is purchasing a service. Those. you consume the service and take out a consumer loan.
The personal loan calculator is designed to calculate cash loans after taking into account fees and insurance.
Commissions and insurance are introduced through early payments.

Calculation options

The calculator allows you to simply calculate the loan - enter the amount, rate, term and click calculation.
The second option is calculating early repayment. You specify the loan data and the dates and amounts of early repayments. If you want to understand how much you will repay if you pay a certain loan amount each month, we recommend using a forecast calculator
See Also:
It will allow you to understand how quickly you will close the loan.

How to compare two loans

Before receiving a bank loan, it would be a good idea to calculate the overpayment on the loan. It is best to compare offers from several banks and choose the best. The calculator on this page can be used for this. However, you will have to open another page with a calculator to compare 2 different loans. We have created a loan comparison calculator specifically for comparing loans and early repayment schemes
See also:
It will allow you to understand which early repayment scheme to choose - reduce the payment term or amount. It will also help in choosing the most profitable lending option.

How to calculate a loan using a calculator

There are 2 options for calculating the loan
The first is a preliminary calculation when you want to take out cash on credit. For this calculation, the date of the first payment is not needed. It can be left as default. It does not affect the size of the monthly payment.
The loan amount is specified in the loan agreement and is taken without taking into account the down payment for a product or service.
Interest rate is the nominal rate on the loan excluding commissions and insurance. Taken from the loan agreement. You can enter 3 decimal places.
Expressed without dividing by one hundred.
Term - the whole number of months for which the loan is taken out. If you have 2 years, for example, then you need to enter 24 months
The second option is to calculate the existing loan
Next comes the field - the date of the first payment. This parameter is already important when you take out a loan
For a loan taken, calculation by date is important. That is, when constructing a schedule, the date of the next payment is indicated - the number of the day in the month.
Calculation based on dates is important for early repayments. The date of early deposit of funds determines in which month the new reduced payment will be made.

How to use the calculator?

After entering the required above data, you need to click on the calculate button.
After clicking it, the following options are possible

• Errors when entering data. Please note that dates must be entered separated by a period in the format dd.mm.uuuu. Amounts are entered using a dot; the rate can have 3 decimal places
• The loan settlement was successful. A payment schedule has been created. Loan overpayment calculated

This online calculator has an expanded set of functions compared to a standard loan calculator. In addition to the function of calculating early loan repayment, there is the ability to set a change in the interest rate, select the day the loan is issued, select the day for the monthly payment, and select the type of monthly payment - annuity or differentiated. Thanks to these functions, the calculator allows you to make calculations as close as possible to a real loan, accurate to the day.

• Date of early deposit of funds (if the payment is a one-time payment) or interval (if you are going to make payments on a regular basis, for example once every 3 months)
• Amount of early payment
• Select a loan recalculation method

You can set an unlimited number of partial early repayments.

Features of partial early loan repayment

With partial early repayment, two types of write-offs are possible:

• on the day of the next payment. In this case, the amount of debt is simply reduced by the amount of the extraordinary payment.
• between two subsequent payments. Here the calculation is more complicated. Interest on the debt amount is accrued every day and repaid once a month. By the time of early payment, a certain amount of interest has accumulated, which will be repaid from the funds allocated for early payment. And only the remaining amount will be used to pay off the principal debt. Next month, the interest part of the next payment will be less, because part of the interest for this month has already been paid. Do not worry about this and postpone early repayment until the next payment day. The sooner the payment is credited, the better.

After making an extraordinary payment, the schedule for subsequent loan repayments changes. The amount of the principal debt decreases and, following it, one of two parameters changes: the amount of the monthly payment or the loan term. The choice is always up to the bank client. Taking into account your choice, the bank recalculates the loan and creates a new payment schedule. Keep this in mind and receive a new payment schedule at the bank office or in the Internet banking program (if the bank provides such an opportunity). Our online calculator also allows you to choose any option and makes calculations taking into account your choice. After calculation, you will be presented with a detailed payment schedule taking into account the specified early repayments.

It is more profitable to reduce the loan term, since the total overpayment in this case will decrease more significantly. Therefore, if the monthly payment amount is within your means, we recommend reducing the term.

Experiment with the options to choose the recalculation method that works best for you. The loan calculator allows you to save the calculation results; this is very convenient for comparing the received options, since you do not have to re-enter the original loan data into the form.

Variable interest rate

It is not uncommon for the interest rate to change during the life of the loan. This may be caused by a revision of the loan rate by the bank at the request of the borrower or by the terms of the agreement. For such situations, the calculator provides a corresponding function. You can set an unlimited number of interest rate changes over the life of the loan. For each period, you need to select the start date of the rate and its value. These changes will also be displayed and marked with a special color on the payment schedule.

Banks and microcredit financial institutions are offering more and more loan programs that have hidden advantages and disadvantages. In this article we will look at how to calculate the monthly loan payment using a loan calculator and choose the best offer on the lending market. Having received a profitable loan, a person has the opportunity to turn his plans into reality, which require large financial expenses: purchasing real estate, a vehicle, household appliances, getting an education and much more.

Most often, people in Russian realities refuse loans, believing that this is monetary slavery, from which it is very difficult to get out. The loan calculator allows you to find out what the loan payment will be and calculate the monthly payment. Our site is financially independent from banks, does not have its own interest from interested potential clients and does not provide dubious microcredit services with crazy interest rates.

Some banks only give beautiful advertisements about issuing a loan, but no one is interested in how the loan will be repaid. We recommend using a loan calculator to determine the payment amount for each month, taking into account the type of lending: annuity or differentiated. Our calculator is based on the official algorithms of the Central Bank, which will allow you to calculate the payment as accurately as possible and make the right, informed choice.

Credit calculator

The monthly payment is calculated based on three irreplaceable data: loan amount, interest rate and loan term. Knowing this data, you can already calculate the monthly payment for the loan offer and pre-plan your loan.

If you are just planning a loan, this data will be enough to roughly calculate your monthly payment. You can enter them both in the advanced version of the calculator on this page, and use the simple version of the loan calculator consisting of 3 steps. This is the best way to avoid waiting forever for a support specialist on the phone and make payments online.

How to calculate the monthly loan payment?

Enter the loan amount, indicate the interest rate on the loan for the year or month, enter the loan term. Take into account your financial capabilities, do not try to plan a large loan amount for a short period, it is profitable for the bank to issue loans for a long period. This allows you to maintain the current activity of banking activities, as well as receive the greatest profit with minimal risks.

You take 1,000,000 rubles for 12 months at 20 percent per annum and an annuity type of loan. We are writing obvious numbers for a simple understanding of the overpayment, which for this loan offer will be 111,614 rubles. And this is with an annuity type of lending, which is more beneficial to the bank than to you. Overpayment is only some 11%

You took 1,000,000 rubles in cash for 60 months or five years at 20 percent per annum. The type of lending is annuity and differentiated. The overpayment on this loan will amount to 589,633 rubles or almost 59% for an annuity type of loan and 508,333 rubles for a differentiated one. Why so much? The bank will definitely say that it carries great risks with long-term lending, but it will never say that it is only profitable.

You took out a mortgage in the amount of 2,000,000 rubles, for 240 months or 20 years of credit at a low interest rate of 9.9% per annum. The overpayment on such a loan will be 2,628,924 rubles. Sberbank began to approve mortgages for 30 years. Not only because it is convenient for you, but primarily because it is convenient for the bank.

Add one-time and monthly fees, select a payment date. One-time commissions include life insurance, which will definitely be imposed on you. This trend continues at the end of 2017, all of 2018 and the beginning of 2019. The size of the one-time commission can vary, from 3 to 11% of the loan amount. Monthly fees used to include early repayment fees and many junk fees that remain today.

A striking example of a monthly commission is the account maintenance fee. Some little-known banks abused this and calculated it from the amount of the principal debt, and not from the amount of the monthly payment. This is how we got 70-80% per annum.

Use the early repayment and variable interest rate tabs, if this is relevant to you. For example, Raiffeisen Bank offered to reduce the interest rate by 4% for the second year of lending. Early loan repayment remains a pressing problem today. We recommend that you read about partial early repayment in this article.

When you press the “ Calculate", you will receive a full monthly payment schedule on the loan, taking into account early repayment and a variable interest rate. Print, save or compare the payment schedule with the schedule received from the bank. This is the best way to avoid financial risks and maintain the family budget.

Advantages of a loan calculator

The loan calculator is able to calculate the monthly payment on a loan or credit card thanks to powerful algorithms and updated statistics. Using the calculator, you can easily make calculations for several years or months, analyze the amount of overpayment, calculate the remaining payment for early repayment of the loan, and much more. An advanced free tool will not only calculate the loan payment for each month, but also calculate mortgage, deposit, and car loans.

In the article, we looked at how to calculate the monthly loan payment using an online loan calculator. The counting process does not take much time and will take no more than 5 minutes. Although the final results may differ slightly from the actual calculations at the bank, a loan calculator can be a useful tool that allows you to find out at any time how much a loan will cost a potential borrower.