How to calculate the amount of overpayment on a mortgage: online calculator

Why do a mortgage calculation?

You are planning to take out a decent loan for a long period of time. And every month you will give the bank a decent amount, often 30-50% of the family budget. The mortgage loan calculator will let you know what you can expect. More precisely:

• how much money can you generally draw? According to the unspoken conditions of the lenders, no more than half of the family budget or personal budget should be spent on paying off the mortgage, or personal budget if there is only one borrower;
• real estate of what value you can afford and purchase. You can immediately weed out offers that are clearly beyond your means;
• choose a convenient term for concluding a loan agreement. You can “play” with the parameters, calculate the mortgage on different conditions. As a result, choose the ideal conditions for yourself;
• you will see an exact payment schedule under given conditions, indicating the overpayment. This is also an important indicator. By changing the loan parameters, you will see how the overpayment changes and what it depends on.

The online mortgage calculator on Brobank.ru is free. The service is available to everyone around the clock.

How to confirm income?

The future borrower must confirm permanent employment with official earnings. To do this, you need a certificate in form 2-NDFL showing your salary for the last six months. Not all employees of large organizations can provide such a document, so the bank is ready to accept a certificate from them for consideration, which indicates:

• income level;
• details and contact details of the company (for verification of information by the bank’s security service);
• the fact that the potential borrower has been working in the company for at least 6 months (indicating the position).

You can confirm the presence of additional sources of income by providing:

• deposit statements;
• confirmation of insurance payments;
• statements of profits from shares and other securities;
• funds received from the rental of real estate confirmed by the contract;
• certificate from unofficial work in the bank form;
• statements of charges from bank accounts;
• tax return on income received (for individual entrepreneurs and legal entities);
• evidence of dividends from participation in the business;
• lifetime payments to certain categories of citizens;
• remuneration under civil contracts or from the use of intellectual property of a potential borrower.

Everything will be strictly checked, and not all documents will be taken into account by one bank or another. However, it is worth using this opportunity to get a larger amount. In this case, the client will be strictly controlled.

What you need to calculate your mortgage using a calculator

You need to know the parameters of the home loan you are planning to take out. Pre-select a bank and look at its tariffs to see what percentage they can offer you. After this, you can calculate the mortgage using the calculator.

The system needs the following information:

• the cost of real estate or the loan amount, that is, the price of housing minus the down payment;
• term of the contract;
• interest rate;
• payment start date;
• type of payments.

As for the type of payments, in the vast majority of cases equal payments are used, that is, the annuity scheme works. You will give the bank the same amount every month. Differentiated payments, that is, reduced ones, are extremely rare. All major mortgage banks in the Russian Federation do not use them.

You can change the data an infinite number of times and calculate the mortgage on the calculator under different conditions. In the end, you will find exactly the ideal layout. Play with terms, amounts, choose the best conditions.

Reducing overpayments on an existing mortgage

If you already have a home loan, you can reduce the overpayment on it. There are many ways to do this, which we will discuss in more detail. How to pay a mortgage so that the overpayment is less:

1. If possible, make early repayments , because each time you deposit a larger amount, the interest is recalculated. The bank accrues them only for the actual time of using the loan funds, as if you had taken out a loan for a short period (). The overpayment on the mortgage in case of early repayment is revised, the borrower pays less. As a result, he receives a reduced monthly payment or a shortened loan term.

After each early repayment, the mortgage client is given a new payment schedule.

1. Repayment using federal maternity capital , the amount of which in 2019 is 453,026 rubles. You can use budget money to pay a mortgage without waiting for your child’s third birthday (). To do this, you should collect the necessary package of documents and draw up an application at your Pension Fund branch. Within 1-1.5 months, the money will be received to pay for the housing loan. As a result of partial repayment of the mortgage, the overpayment of interest will decrease.
2. Similarly, a housing loan is paid for using regional capital funds . Its size and rules of use are set locally. On average, 100-200 thousand rubles are given at the birth of a third or other child in the family. Whether there is such a social program in your region or region, you should check with the regional administration.
3. Payment to families with many children to pay off their mortgage in the amount of 450 thousand rubles , which began to operate in September 2021 (). Families in which a third or subsequent child was born from 2021 to 2022 can apply for state subsidies. Documents for paying the mortgage should be submitted to your bank, after which it will send them to the state mortgage agency.
4. Refinancing an existing mortgage or getting a new one at a reduced rate of 5-6%. Families in which a second or next child was born between 2021 and 2022 () are eligible to subsidize loan interest. Please note that to participate in the state program you must strictly comply with the rules established at the legislative level. As a result, the borrower will reduce the overpayment on the mortgage for years to come.
5. Refinancing with another bank. If you are not satisfied with the interest rate and other loan repayment terms, it is quite possible to transfer your mortgage debt to a new lender. However, this opportunity is only open to responsible borrowers who have always made loan payments on time. When refinancing, you will face the same expenses as when applying for a mortgage (insurance, appraisal report, etc.), so the profitability of switching to another bank must be carefully calculated. Calculating the mortgage overpayment using the calculator, which we discussed in the section above, will help you with this.
6. You can return mortgage interest for overpayment to the tax authorities. If you officially work and pay taxes to the budget, you have the right to a partial refund of the deposited funds (). It is necessary to obtain a mortgage statement from the bank annually and attach it to the declaration. The tax base is 3 million rubles, that is, the maximum possible return for overpayment on a mortgage is up to 390 thousand rubles (3 million rubles * 13% personal income tax).
7. Some organizations provide compensation for mortgage interest paid. Typically, such motivational bonuses are used by large enterprises interested in retaining qualified personnel.

In certain regions of the Russian Federation, there may be other government subsidies that can be used to pay off an existing loan. You can combine the above methods of returning overpayments on mortgage interest. Receiving a tax deduction does not exclude repayment of the loan using capital funds or refinancing at 5-6%. This way you can significantly save on interest payments to the bank.

How is the mortgage amount calculated?

You can calculate a mortgage on Brobank.ru using two methods - by the loan amount and by the value of the property. When calculating by amount, you indicate the amount of money that will ultimately go on credit. It is for this limit that the contract is concluded, and interest is accrued on it.

The amount is the cost of the property purchased with a mortgage minus the down payment and all subsidies that will be applied during registration. For example, if you take out a loan using maternity capital, its amount must be subtracted from the price of the apartment.

You calculate the amount that will go on loan, choose the term of the agreement and the interest rate. Then set the payment start date and click on the “Calculate” button. The online mortgage calculator will immediately calculate the payment, overpayment and display a payment schedule.

The online calculator calculates your mortgage using the information you enter. But in the end, the bank may specify other conditions, which will become clear after reviewing the application. Therefore, the information provided by the program is not a public offer.

Extra options

When signing a mortgage agreement, it is worth discussing insurance issues with the bank. If you are covered by a preferential interest rate, then the bank, when calculating the mortgage, obliges you to carry out life and property insurance, but if you refuse this service, then the credit institution has the right to increase the interest rate to compensate for all the risks. Insurance provides for annual premiums according to a specific schedule.

To avoid additional fees when applying for a mortgage, when cashing out an amount or when servicing a loan, you should be more careful when choosing a bank. As a rule, state-owned, licensed organizations do not charge additional fees for their services. The first mortgage payment must be made according to the payment schedule. This can be the current month of registration, or the next month.

After you have made your last mortgage payment, you must obtain a document confirming the completion of payment obligations from the credit institution. Then follows the procedure for removing the encumbrance from housing in government agencies. Only after these operations can you be considered to have made a full repayment of the mortgage.

Calculate a mortgage with a down payment using a calculator

The second calculation option is based on the value of the property, taking into account the down payment. In this case, to calculate the monthly mortgage payment, you must enter the following data into the program:

• the cost of the property you plan to purchase;
• the amount of the down payment, usually banks ask for a minimum of 15% of the price. Some companies allow you to use maternity capital as a down payment in whole or in part;
• loan term in months;
• interest rate;
• payment start date.

In general, the mortgage payment calculator produces an identical result regardless of the calculation method. If the initial data is ultimately the same, then the payment schedule along with the overpayment will be exactly the same.

Interest rates and mortgage terms

Before choosing a bank with which to enter into a mortgage lending agreement, you need to compare the offered conditions. The minimum rate for state support is 6%. The average mortgage rate without government programs is 10-12%. The calculator will help in calculating the payment schedule depending on the rate, and the user will be able to evaluate the benefits.

In addition to the rate, banks set requirements for a minimum down payment, limit the available loan period and request various packages of documents necessary to draw up an agreement. Each of the conditions can be decisive when choosing a bank, and non-compliance with any requirements can cause refusal. It is recommended to use a mortgage calculator to find out the nuances in advance in order to finalize a profitable deal in a short time.

Table of mortgage interest rates in reliable banks:

How to correctly determine the interest rate

In order for the mortgage repayment calculator to work correctly, you must enter as accurately as possible information about the interest rate. Take the information from the bank’s website or the Brobank.ru portal (the portal contains a description of all popular housing programs).

Typically, banks indicate the minimum percentage for the program. For example, in Sberbank, when purchasing an apartment on the secondary market, a rate of 7.3% per annum is assigned. But calculating at the minimum rate is the wrong option. Then you will be surprised that in the end the bank approved a completely different percentage.

The fact is that banks apply increasing coefficients, and the initial rate is simply the base rate. The rate may increase for refusal of insurance, for applying to a non-payroll bank, for a small down payment, etc.

Before you calculate your mortgage yourself using a calculator, study the bank’s rate grid for the selected program and look at the list of all decreasing and increasing coefficients. As a result, you will be able to more or less accurately understand what percentage will be relevant for you.

How to reduce overpayment when applying

It is possible to reduce your mortgage overpayment even before you take out a loan. It is important to understand what factors determine this amount and how it can be reduced. So, what can a future mortgage borrower do to pay less interest:

1. Reduce loan size. If you have the opportunity to make a larger down payment with your own funds or borrow money without interest from friends, you should take advantage of it. The smaller the amount you borrow from the bank, the greater the chance of reducing your mortgage overpayment.
2. Choose a shorter repayment period, but only if you can handle the payments. As we have already seen in the examples above, it is more profitable to take short loans. If you compare what the overpayment for a mortgage is for 15 years and 30 years, the first option is preferable.
3. Reduce the interest rate in every possible way, because the actual overpayment on the mortgage largely depends on it. Even a slight reduction of 0.5-1% will give good savings. Typically, the best percentage is intended for salary card holders, employees of partner organizations, and bank deposit holders. Participation in promotional mortgage programs, making a larger down payment, a short loan period, and fulfilling certain conditions of the lender will also help reduce the rate.
4. If the bank has a choice of the type of schedule and your financial situation allows you to deposit large sums, it is better to repay the loan with differentiated payments. This way you can pay off your mortgage with less overpayment.
5. Additional payments. Ideally, obtaining a mortgage should not be accompanied by fees for transferring money to the seller, processing the application, subsequent payment of the loan, etc. There are mandatory expenses that cannot be avoided (for example, apartment insurance, state duty for registering a transaction, notary fees, drawing up an appraisal report etc.). At the same time, it is desirable that there are no other expenses, because they also form the average overpayment on a mortgage.

A mortgage without overpayment
is impossible, but you can significantly reduce it even at the stage of filling out a loan application.

Why in 2021 it is better to calculate your mortgage through a universal service

When researching mortgage products on banking websites, you will see their own programs. The bank offers to immediately calculate your mortgage; each housing product has its own calculator on the page.

But there is one big drawback - the bank’s own mortgage calculator almost always calculates at a reduced rate, often simply at the base rate. As a result, the potential borrower sees one result, and after approval he is surprised that the actual interest and payments turned out to be higher.

The universal program Brobank.ru is an independent mortgage interest calculator. It makes a calculation based on the data you provide. And if you study the bank’s betting grid, the result will be as accurate as possible.

How to calculate the required income to get a mortgage

Each bank sets its own requirements for the borrower, including income. You can use a mortgage calculator on almost every official bank website. When you enter the desired parameters, the system will automatically calculate the minimum monthly income.

This calculation is approximate, so it is advisable that your income is above the minimum. On the Sberbank website you can find out the amount of the minimum income using the mortgage calculator:

On the left you need to enter the desired loan data, and at the top right you will see a mortgage calculator based on your income.

How to calculate correctly

For example, you receive a salary of 50,000 rubles. In this situation, you need to pay no more than 25,000 rubles in monthly payments. We will keep this amount in mind.

Let's say you want to purchase an apartment worth 3,000,000 rubles. The bank will require an initial payment of 15%, which is 450,000 rubles, which should be in your hands (can be replaced with maternity capital).

Now we use a mortgage calculator to calculate your mortgage:

• loan amount - 2,550,000 rubles;
• We take the average rate for secondary housing - 8% per annum;
• First we set the period to 10 years. The payment is 30,393 rubles. It's a lot;
• We set the period to 12 years, that is, 144 months. The result will be a payment of 27,600 rubles. It also slightly exceeds the 25,000 bar, but in general you can try to apply;
• if you choose 15 years, that is, 180 months, the payment will be 24,396 rubles. In this situation, you can quite count on approval.

But the exact payment schedule will be shown only after reviewing the mortgage. Each bank assesses the level of solvency of the borrower in its own way and takes into account all of its current obligations. As a result, for example, you can send a request for 15 years, and you will be approved for 17. But if you initially correctly assess your capabilities, you will get the conditions you expected.

Important information for calculation

Sooner or later, young families face the question of purchasing their own home. But where can I get the necessary amount to buy the coveted square meters? Fortunately, banks today offer mortgages - a long-term loan secured by property. Housing in this case acts as insurance in case the borrower is unable to pay the mortgage.

It is necessary to correctly calculate your mortgage in order to have an idea of ​​what you will have to live with for quite a long time. You can correctly calculate the amount at the bank, or using an online mortgage calculator. Or use Excel to calculate the mortgage yourself without contacting a specialist.

Mortgage payment calculations are based on several factors.

Housing cost

It is this amount that will determine for what period and at what interest rate your mortgage will be calculated and issued. The higher the cost of the apartment, the higher the monthly payment will be.

An initial fee

The amount you already have will be the down payment. Usually this is a certain minimum set by the bank, for example, 20 percent of the total cost of living space. The larger the down payment amount, the smaller the payment the bank will give, therefore, the overpayment will be low.

You will learn more about what a down payment on a mortgage is and how to get around it in the previous article.

Term

This is the time for which you are going to pay. From one to three years is the minimum mortgage payment period. The maximum loan term is up to thirty years. The longer the term, the lower the monthly payment. Citizens with average incomes are issued for 10, 15, 20 and 25 years.

Solvency

It is important to take into account your total monthly income, from which the payment for housing will be formed. The higher your monthly contribution, the lower the amount you may be approved for. Don't forget that the loan should take up about 40-60 percent of your income. The borrower's ability to pay determines the monthly mortgage payment.

You can learn more about what salary you need for a mortgage from the previous article.

Loan interest rate

This indicator directly determines how much to pay per month for a mortgage. The bank can set a fixed rate, that is, the same interest rate throughout the entire loan period.

The advantage of this rate is that the borrower is aware of his monthly payment for a long loan term. Minimum risks with the ability to calculate your income and expenses.

The interest rate can be floating, consisting of constant and variable. The constant rate in such cases is unchanged for the entire period of the loan, and the floating component, accordingly, changes under certain conditions specified in the loan agreement, taking into account the ruble Mosprime index, which is established by the Central Bank depending on the economic situation in the country.

Typically, this rate is several positions lower than the fixed one, but the disadvantage is that the borrower does not fully know what the overpayment on the mortgage will be; it depends entirely on the stability of the bank. Thus, banks insure themselves against inflation and other economic disasters.

You can find out the current minimum and maximum mortgage interest rates here.

Payment type

Mortgage payments may also vary depending on your individual repayment capabilities. When you take out a mortgage loan, a payment schedule is drawn up according to which you pay for the purchased property. There are two types of payments: annuity and differentiated.

An annuity payment is where you pay the same amount every month. The convenience lies in the fixed payment, but the main payment goes towards repaying the interest on the loan. Therefore, the mortgage takes a long time to pay off.

A differentiated payment involves a monthly payment to repay the principal debt, so at the beginning of the period payments are high and unstable. It is necessary to clarify the size of the mortgage payment every month. Interest is accrued monthly on the principal balance. The overpayment in this case will be lower than with the annuity type of payment.

For clarity, here is an example of how to calculate your mortgage payment yourself. Ivan and Alexey took out a mortgage for 10 years in the amount of 1 million rubles. Ivan chose an annuity payment for ten years. At 16 percent per annum, the monthly payment will be 16,751.31 rubles. The total payment will be 2,010,157.46 rubles. The overpayment on the mortgage will be 1,010,157.46 rubles.

Alexey issued a differentiated payment. For this payment, it is necessary to calculate the first principal part: RUB 1,000,000/120 months. = 8,333.34 rub. Now we calculate the interest: 1,000,000 rubles. *16 percent/12 = 13,333.33 rubles. Thus, the payment for the first month will be 8,333.34 + 13,333.33= 21,666.67 rubles.

Based on the first month of payment, we calculate the contribution for the second month. (1,000,000 – 8,333.34)*16 percent/12=13,222.22 rubles. The payment has decreased, although only slightly. To calculate the overpayment for this type of payment, you need to add up all monthly payments and subtract the loan amount from them. In our case, the total cost of the loan will be 1,806,666.67 rubles, that is, the overpayment will be 806,666.67 rubles. This is not much compared to the annuity payment.

How to correctly calculate a mortgage for 20 years under the same conditions? With an annuity payment, you need to pay 13,912.56 rubles monthly, the loan payment will be 3,339,014.4 rubles, the overpayment of interest will be 2,339,014.4 rubles.

With a differentiated payment for twenty years, in the first month we pay 17,500 rubles. For the second month the payment will be 17,444.44 rubles. The total cost of the mortgage is 260,6666.67 rubles, the amount of interest will be 1,606,666.67 rubles. The calculation of a mortgage payment for twenty-five years for a mortgage amount of 1 million rubles is calculated according to the same principle as described above.

Based on the examples given, it can be seen that with long-term lending, the monthly payment amount is low, but there is a noticeable overpayment of several times. In the first months with a differentiated payment, the amounts paid are high, but the advantage is a small overpayment on the loan product than with a stable fixed annuity payment. The calculation example shows that the types of mortgage payments play a significant role.

Will they give you a mortgage with a gray salary?

The average bank will issue a mortgage loan only if the borrower can document an income sufficient for repayment. Therefore, “gray” salaries and verbal guarantees are not accepted.

However, some financial institutions (including SberBank) are increasingly offering mortgage programs that make it possible to obtain a loan using two documents, without an income certificate. For this you need:

• passport;
• additional identification document.

In this case, the interest rate will be higher, and the client’s credit history must be impeccable.

An option to get out of the situation, as in the case of applying for a mortgage with a small official salary, is to make a down payment of more than 50% of the cost of housing, and take out the remaining half as a mortgage, which is offered by SberBank. As a result, the amount of monthly payments will be relatively small, and proof of income will not be required.

In other words, when assessing the client’s solvency, the bank starts from the official “white” salary, but takes into account the presence of other undeclared income, which may include “gray” salary.

On the other hand, it is better to contact a bank that initially provides programs without salary confirmation. For example, there are institutions (VTB) offering mortgages “without formalities” and proof of solvency.