Enter the amount and term of the loan, the interest rate and payment type.
The calculator will calculate the amount of payments, the debt and the cost of credit.
More people for major purchases using credit. Banks and non-bank organizations offer get credit for a variety of conditions. When you take great credit, for example, to buy an apartment, a car, a loan for the construction of a home or business development, it is important to know that this loan will get you. To be sure of choosing a credit program, we offer you to use our loan calculator. In the appropriate boxes, type the loan amount, loan term in months and the interest rate, and also specify the type of payment-annuity or differential, and you can find out what part of the mortgage payment goes to paying off debt and how much to repay the interest on the loan, the balance of its debt on a monthly basis, the amount of the overpayment, as per month and for the entire term of the loan, and the real interest rate on the loan.
When differential method of debt repayment on the loan amount of loan is divided into equal shares. These shares make up the bulk of the monthly payments. The residual part represent interest on the unpaid balance on the loan. So a month from month to month payments is reduced.
Such a way of repaying the loan there are drawbacks.
The main one is that the credit with this way of repaying debt harder to get.
The Bank expect the maximum amount of the loan, based on whether the borrower is to pay the first contribution. This means that to get such a loan is required to have a high enough income. In some cases, it may help bail guarantors or co-borrowers attraction.
Another drawback is that the first half of the payment is for the borrower to especially severe. If we are talking about a big loan it can become a heavy burden for the borrower. But this disadvantage can turn into dignity. Inflation and declining interest rates make payments more burdensome.
When the annuitetnom method of debt repayment on the loan in equal parts is not only the amount of debt, but also the interest for the entire term of the loan. Thus, the borrower pays the equal largest contributions throughout the period of payments.
Today, such a method of payment is used by most commercial banks.
The main disadvantage of the annuity payments in the amount of overpayment on the loan will be higher than with differentiated system.
In addition to annuity payments system assumes that, in the first half of the loan period you pay in interest on the loan. The main amount of the debt in this period remained almost untouched.
If you want to take credit for a large sum and do not intend to repay it prematurely, you loan with annuity payment system.
In other cases, especially when it comes to long-term lending, it is better to choose a bank that provides loans with differentiated payments.