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.
Buying a tour from an operator is a purchase of a service. Those. you consume a service and take out a consumer loan.
Calculator consumer credit designed to calculate cash loans, taking into account commissions and insurance.
Commissions and insurance are introduced through early payments.
The calculator allows you to simply calculate the loan - enter the amount, rate, term and click calculation.
The second option is to calculate early repayment. You set the loan details and the dates and amounts of the early repayments. If you want to understand how much you will repay if you deposit a certain loan amount each month, we recommend using the forecast calculator
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It will allow you to understand how quickly you will close the loan.
Before receiving bank loan It will not be superfluous to calculate the overpayment on the loan. It is best to compare the offers of several banks and choose the best one. 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. Especially for comparing loans and early repayment schemes, we have made a loan comparison calculator
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It will allow you to understand which early repayment scheme to choose - to reduce the term or the amount of the payment. It will also help you choose the best profitable option lending
There are 2 loan options
The first is a preliminary calculation when you want to borrow cash. For this calculation, the date of the first payment is not needed. It can be left as default. It does not affect the monthly payment.
Loan amount - it is specified in the loan agreement and is taken without taking into account the down payment for a product or service.
Interest rate - 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 - an integer number of months for which the loan is taken. If you have 2 years, for example, then you need to enter 24 months
The second option is the calculation of the existing loan
The next field is the date of the first payment. This parameter is already important when you took out a loan
For a loan taken, the calculation by date is important. That is, when plotting the schedule, the date of the next payment is indicated - the number of the day in the month.
Date-based calculation is important for early repayments. The date of early payment of funds determines in which month the new reduced payment will be.
After entering the required data above, you need to click on the calculation button.
After pressing it, the following options are possible
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If the calculation is successful, you can start adding early repayments. In the form on the right - adding early repayment - you need to enter the date, type and amount and click add. There will be an automatic recalculation of the loan schedule and other parameters. The total overpayment will change.
In case of full early repayment - after this payment there will be zeros in the graph, regardless of whether the amount or term was reduced.
If you added a repayment with a change in the term, there will be fewer lines in the chart compared to the initial version.
Repayment with a change in the amount will reduce annuity payment on loan. The number of lines in the payment schedule will remain the same.
If you added a change in the interest rate, the payment schedule for the new interest will be recalculated from the moment when this change took place. The payment may increase or decrease depending on whether the rate was reduced or increased.
After the calculation, you can save the results on your computer. To do this, click on the link "Get Excel file". The file will be generated in Excel 2003 format and the link “Download file” will appear. You need to click on this link and the file will be saved to you. You can print the file and return to it at any time.
When calculating the loan, the link to this file disappears and you will need to generate the Excel file again.
I recommend bookmarking the calculator for ease of use in the future.
How to calculate the interest per annum on a loan? Percentage per annum is not considered. The annual loan rate is determined by the bank based on your income, credit history and other scoring parameters. Interest on the loan is calculated every day, but they must be paid every month. If you want to know the rate per month, you need to divide the annual rate by 12. Similarly, if per day, then multiply by 365 (366) If you want to calculate the interest for each month of using the loan, then you need to multiply the rate per day by the number of days in the month and on the balance of the debt at the beginning of the month.
Everyone faced the problem of lack of money to purchase household appliances or furniture. Many have to borrow until payday. Some prefer not to go to friends or relatives with their financial problems, but immediately contact the bank. Moreover, there are a huge number of credit programs, which allow you to solve the issue with the purchase of expensive goods on favorable conditions.
This system economic relations, which provides for the transfer of valuables from one owner to another for temporary use on special conditions. In the case of banks, this value is money. A person needs a certain amount, an economist evaluates the client's solvency and makes a decision. If everything is in order, the necessary funds are provided for a certain period. For this, the client pays interest to the bank.
Do you need cash to buy goods? It's worth getting a loan. Low Interest always attracts customers. Therefore popular financial institutions provide credit cards and cash loans on favorable terms. And the loan formula) will help you figure out how much the bank will have to pay for the service.
In the case of a bank loan, money is the commodity. For the provision of services, the client must pay a fee to the financial institution. To understand how the overpayment amount is calculated, it is worth understanding the following concepts:
The repayment system matters, as well as the term of the loan. This will be discussed below.
The amount that a person borrowed from a bank is the body of the loan. As payments are made, this amount decreases. It is on the body of the loan that interest and, in most cases, commissions are charged.
Consider an example. The client executed a loan agreement on May 1 in the amount of 20,000 rubles. A month later he made minimum payment in the amount of 2000 rubles. Of this amount, 500 rubles were spent on paying interest on the loan, and 1,500 rubles were spent on paying off the body. Thus, as of June 1, the body of the loan decreased to 18,500 rubles. In the future, all interest will be charged on this amount.
The percentage that the client gives to the bank in excess of this is the commission. Various financial institutions may offer different conditions lending. The commission can be charged both on the body of the loan and on the amount that the client initially borrowed. Recently, many banks refuse commission altogether and set only an annual interest rate.
Consider an example with a fixed fee of 0.5%. The client took a loan in the amount of 10,000 rubles. In this case, the monthly commission will be The formula (calculation of interest on the loan) looks like this: 10,000: 100 X 0.5.
If the commission is not fixed, it is charged on the balance of the debt (loan body). This option is more beneficial for the client, since the amount of interest is constantly decreasing. As a rule, the commission is charged on the balance of the debt as of the last business day of the month. That is, if the client paid the entire amount on the 28th, and the last business day falls on the 30th, you will not have to pay a commission.
In the absence of a commission loan agreement the annual rate will be the basis for calculating the overpayment. Interest is always charged on the balance of the debt. The faster the client repays the loan, the less he will have to overpay.
How much interest does the loan provide? Different banks offer their own conditions. It is possible to borrow money at a rate of 12% to 25%. Next, it will be described how the calculation of interest on the loan (formula) is carried out. Example: a client took out a loan in the amount of 10,000 rubles. The annual rate under the agreement is 15%. On the day, the client will overpay 0.041% (15: 365). Thus, in the first month you will have to pay the amount of interest in the amount of 123 rubles.
10,000: 100 x 0.041 = 4 rubles 10 kopecks - the amount of the overpayment per day.
4.1 x 30 = 123 rubles / month (assuming there are 30 days in a month).
Let's consider further. The client made the first payment in the amount of 500 rubles. There is no contract fee. 123 rubles will go to interest, 377 rubles - repayment of the body. The balance of the debt will be 9623 rubles (10,000 - 377). This is the body of the loan, on which interest will be charged in the future.
To a person who is far from financial sphere difficult to do any calculations. Many banks offer a loan calculator for customers, which allows you to quickly calculate the overpayment under the contract. All you need to do is enter the amount of debt, the estimated payment period and the annual interest rate on the institution's website. Within a few seconds, you will be able to find out the amount of the overpayment.
The loan calculator is an auxiliary tool that allows you to roughly calculate the amount of the expected overpayment. The data is not accurate. The amount of the overpayment depends on the amount of funds that the client will deposit, as well as on the loan repayment period.
There are two options for repaying a loan. Classic provides for the payment of a certain part of the body of the loan and the interest rate. Example: the client decided to take a loan for a year in the amount of 5000 rubles. Under the terms, the annual rate is 15%. Monthly, you will have to pay the body of the loan in the amount of 417 rubles (5000: 12). The formula (calculation of interest on a loan) will look like this:
5000: 100 x 0.041 = 2 rubles 05 kopecks - the amount of the overpayment per day.
2.05 x 30 \u003d 61 rubles 50 kopecks (provided that there are 30 days in a month) - the amount of the overpayment per month.
417 + 61.5 = 478 rubles 50 kopecks - the amount of the mandatory minimum payment.
With the classic repayment system, the amount of payments decreases every month, since interest is accrued on the balance of the debt.
The annuity system provides for loan payments in equal installments. Initially, a fixed amount of the minimum payment is set. As the debt is repaid, most of the money goes to repay the body of the loan, as the overpayment of interest decreases.
Consider an example. The client decided to take a loan for 10 years in the amount of 100,000 rubles. The annual rate is 12%. Overpayment per day 0.033% (12:365). The formula (calculation of interest on a loan) will look like this:
100,000: 100 x 0.033 = 33 rubles - the amount of the overpayment per day.
33 x 30 = 990 rubles - the amount of the overpayment per month.
The minimum payment can be set at 2000 rubles. At the same time, in the first month to pay off the body loan will go 1100 rubles, then this amount will decrease.
If the bank customer fails to fulfill his debentures, the financial institution has the right to charge a fine. The conditions must be described in the contract. The fine can be presented as a fixed amount or in the form of an interest rate. If, according to the contract, penalties are provided in the amount of 100 rubles, for example, it will not be difficult to calculate the amount of the next minimum payment. You just need to add 100 rubles.
Things are more complicated if penalties are charged in the form of an interest rate. As a rule, the calculation is based on the amount of debt for a certain period. For example, a client had to make a minimum payment of 500 rubles by May 5, but did not do so. According to the agreement, the penalty is 5% of the amount owed. The next payment will be calculated as follows:
500: 100 x 5 = 25 rubles - the amount of the fine.
Until June 5, the client will need to deposit 1025 rubles (two minimum payment 500 rubles and 25 rubles fine).
It is easy to calculate the interest on a loan on your own. One has only to carefully study the terms of the contract and use the formulas described above. Facilitate the task of special loan calculators, which are presented on the official websites of financial institutions. It is worth remembering that only an approximate calculation is made. The exact amount may depend on many factors, such as the loan term, repayment amounts, etc. The shorter the loan term, the lower the overpayment.
Excel is a universal analytical and computing tool that is often used by lenders (banks, investors, etc.) and borrowers (entrepreneurs, companies, individuals, etc.).
The functions of the Microsoft Excel program allow you to quickly navigate in tricky formulas, calculate interest, payouts, and overpayments.
Monthly payments depend on the loan repayment scheme. There are annuity and differentiated payments:
Annuity is more commonly used: it is more profitable for the bank and more convenient for most customers.
The monthly amount of the annuity payment is calculated by the formula:
A = K * S
Annuity ratio formula:
K = (i * (1 + i)^n) / ((1+i)^n-1)
There is a special function in Excel that counts annuity payments. This is the PLT:
The cells turned red, a minus sign appeared in front of the numbers, because. we will give this money to the bank, lose it.
The differentiated payment method assumes that:
Differentiated payment calculation formula:
DP \u003d NEO / (PP + NEO * PS)
We will draw up a repayment schedule for the previous loan according to a differentiated scheme.
The input data is the same:
Let's make a loan repayment schedule:
Loan balance: in the first month equals the whole amount: =$B$2. In the second and subsequent ones, it is calculated by the formula: =IF(D10>$B$4;0;E9-G9). Where D10 is the number of the current period, B4 is the term of the loan; E9 - loan balance in the previous period; G9 - the amount of the principal debt in the previous period.
Interest payment: multiply the loan balance in the current period by the monthly interest rate, which is divided by 12 months: =E9*($B$3/12).
Principal payment: the total loan amount divided by the term: =IF(D9
Final payment: the sum of "interest" and "principal debt" in the current period: =F8+G8.
Let's enter the formulas in the appropriate columns. Let's copy them to the whole table.
Let's compare the overpayment with an annuity and a differentiated loan repayment scheme:
The red number is an annuity (they took 100,000 rubles), the black one is a differentiated method.
Let's calculate the interest on the loan in Excel and calculate the effective interest rate, having the following information on the loan offered by the bank:
Calculate the monthly interest rate and loan payments:
Fill in the table like this:
The commission is taken monthly from the entire amount. The total loan payment is the annuity payment plus the commission. The amount of the principal debt and the amount of interest are the constituent parts of the annuity payment.
Principal amount = annuity payment - interest.
Amount of interest = balance of debt * monthly interest rate.
The balance of the principal debt = the balance of the previous period - the amount of the principal debt in the previous period.
Based on the table of monthly payments, we calculate the effective interest rate:
The effective interest rate of the loan without commission is 13%. The calculation is carried out in the same way.
According to the Consumer Credit Law, a new formula is now applied to calculate the total cost of credit (TCC). UCS is determined as a percentage with an accuracy of three decimal places according to the following formula:
Let's take the following loan data as an example:
To calculate the full cost of the loan, you need to draw up a payment schedule (see above for the procedure).
It is necessary to determine the base period (BP). The law says that this is the standard time interval that occurs most often in the repayment schedule. In the example, BP = 28 days.
Now you can find the interest rate of the base period:
We have all the necessary data - we substitute them into the UCS formula: \u003d B9 * B8
Note. To get percentages in Excel, you do not need to multiply by 100. It is enough to set the percentage format for the cell with the result.
TIC according to the new formula coincided with the annual interest rate on the loan.
Thus, the simplest PMT function is used to calculate annuity payments on a loan. As you can see, the differentiated repayment method is somewhat more complicated.
Credit calculator- one of the most convenient and fastest ways to calculate the main indicators of a consumer loan, knowing which, it is easy to evaluate the conditions of several banks and choose the most profitable ones. Using it, you can see current offers 2020, calculate the loan payment in advance and evaluate your financial capabilities even before contacting the bank.
Additionally, you can specify a specific bank in which you would like to take a loan. In addition, advanced settings allow you to find financial institutions that lend money to people with poor credit history, beneficiaries and citizens with temporary registration. All options shown can be sorted by size. annual interest and loan amount.
To view detailed information about a specific loan product, click on its name. A page will open indicating the conditions for obtaining and repaying the loan, as well as its main parameters, such as:
Using the loan repayment calculator, you can see a preliminary calculation by month, indicating the date of payments, their size and the balance of the debt. Here you can calculate the overpayment on the loan.
Loan balance | Redemption | Repayment of principal | Amount of payment |
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The consumer loan calculator makes calculations using the annuity payment formula. This method assumes that the loan amount and interest are repaid in equal installments over the entire loan period. The monthly amount will not change even if the client pays amounts exceeding the amount established by the agreement. The calculation of interest on a loan under an annuity scheme is used in most Russian banks.
The loan calculator calculates monthly payments, loan interest, commission and insurance payments. A payment schedule is drawn up with an indication of the amounts of payments taken into account. The loan calculator can calculate payments by the annuity or differentiated method. The totals on the right display the amount of the monthly payment, interest overpayment, overpayment including commissions, and the total cost of the loan.
Pay special attention to the Effective Interest Rate, which, taking into account additional commissions and insurances, can be significantly higher than that offered in the loan agreement.
Calculation method
It is possible to calculate the loan and payments, both by the Loan Amount, and by the Purchase Cost and down payment. When calculating a loan based on the Purchase Price, the amount of the loan is calculated first, with interest and commissions on an initial fee are not charged.
Choice of loan currency
The loan calculator can calculate a loan online in one of 3 currencies: rubles, dollars or euros.
Credit term
By default, the loan term must be entered in months. You can also enter the term in years, but you must change the type of the loan term.
Interest rate
Traditionally, the interest rate is calculated on the basis of interest/year. By changing the settings of the loan calculator, you can calculate payments based on the monthly interest rate.
Payment type
Typically, banks use the annuity method for calculating loan payments (equal monthly payments) to calculate a loan. However, the second option is also possible - differentiated payments (accrual interest on the balance). Using the drop-down menu, select the type of payment calculation you need. For more information about the types and methods of calculation, see the annuity calculator or differentiated payment calculator sections.
Issuance fee
One of the conditions for issuing a loan by many banks is the payment of the Commission upon issuing or for issuing a loan. The loan calculator can take this fee into account total cost loan and, if necessary, split the commission into monthly payments.
Monthly commission
Taken into account in the total cost of the loan and in monthly payments
Insurance
Credit insurance - an additional option monthly commission. As a rule, banks do not include insurance in the monthly payment schedule and charge a similar fee based on additional agreement. However, the total cost of the loan received can increase significantly. The online loan calculator takes into account the monthly insurance in the total cost of the loan and in the amount of the monthly payment.
Last installment
One of the options for a loan is a loan with a final installment. When calculating such a loan, the monthly payment is lower due to a decrease in payments on the principal debt. However, interest on last installment are also calculated and taken into account in monthly payments.
date of issue
By default, the current date is used, but you can choose any convenient date. The function is convenient when working with the payment schedule.
First payment date
Initially, the current date is used, for the convenience of working with the payment schedule, select the required one.
