Experts of Penny Lane Realty - the leading operator in the market of residential and commercial properties - are offering 10 simple tips, through which you can significantly reduce the burden of payments on a mortgage.
Take for example the averages terms of mortgage loan:
Loan amount - 6,000,000 USD.
Term - 30 years
Rate - 14%
Monthly payment for annuity payments * - 71,118 rubles, of which 69,041 rub.prihoditsya on interest, with differentiated payments * - 85,708 rubles, of which 16,667 rubles - the main duty of (the body of the loan) the rest is interest.
* Annuity payment assumes that the first borrower must pay the bank interest on the entire loan amount, and only then the body itself credit. Such payment is a sum for the duration of use, ie first and last payment is the same. In this case, the total amount of payment 80% of the amount is interest on the loan, after half a term, the situation changes.
* Differentiated payment allows to extinguish the debt on the main body of the loan together with interest accrued on the remaining principal amount. As a result, the more you extinguish the body of the loan, the less you have interest, therefore, the payments decrease. According to this kind of payment the first 4-5 years, as a rule, you pay a little more than an annuity, but paying the principal debt equal and fair shares. Then the payments are reduced.
1. Insist on a graded schedule of loan repayment - it's profitable.
When repaying the loan in accordance with the schedule for differentiated payments overpayment on the loan will be 12 million 642 thousand, in annuity payments - 15 million 374 thousand Differentiated payments in the first phase seem to be more severe due to the fact that you first pay a lot, then little .
But they are decreasing every month and, as a result, the payment of differential payments will be lower than an annuity. In our example, after 4 years of payments aligned with the annuity will be equal to 70,658 rubles. Then he will continue to decline and, for example, the last 360-second payment will be 17,032 rubles plus interest. As a result, the savings over 30 years will amount to 2 million 732 thousand rubles.
2. Has been providing insurance of the collateral itself.
Typically, when you make a loan, the bank offers a one - two insurance companies with whom he had most cordial relations. But in reality he has them at least 10-12. Rates for insurance companies can vary up to 40%. Thus, provided that a comprehensive insurance up to 2% of the loan amount, you can save up to 0.8% on insurance or up to 48 000 rubles. annually, or 1.44 million USD. for 30 years, if you choose yourself the most profitable insurance company.
3. To reduce the overall debt burden arrange the loan for a longer period.
A simple rule - the longer term, the lower the payment - no one has canceled. If you arrange a mortgage for 20 years, the monthly payment will be equal to 73,642. At 30 years, we recall the payment of 71,118 rubles. Even given the lower interest rates on loan for 20 years on a monthly basis you will lose 2,564 rubles.
4. Plan a monthly fee with a reserve for payments.
When taking a loan, then lay the lesser amount of monthly payments that you afford to give to the bank. For example, if you know that you can pay 100-150 thousand per month and take credit for the 15 instead of 30 years, it is better to lower the ante and get credit for a maximum period of minimum payments. This allows you to not drive themselves into a corner upon the occurrence of financial collapse (you never know what can happen in 30 years!). Typically, each bank allows premature redemption after 3-6 months.
In this case, after this period is allowed and full repayment of the loan. Much better to make payments in excess of your schedule, if you know what you can afford it. In this case, you can each month, "edit" your budget (now pay 100 thousand instead of the promised 70 thousand in the next month - 150 thousand, etc.). For example, if in our example to make monthly payments of 142,200 rubles. Ie two times higher than your payment, the final overpayment amount to 7 million 687 thousand rubles. instead of 15 374 million also will be reduced and the period of 15 years.
5. Delay funds on deposit.
Ahead of time to settle with the bank can be a different way. Each annuity payment is extinguished through the escrow account. This means that the borrower is making money on the account and the bank then debits the payment from him. Deposit - a great tool for saving money, because the delay means more to deposit and that this money is not spent.
If during the year to make a deposit of 100,000 rubles., Of which 71,118 rubles. will go to repay the loan, the rest - on deposit account (ie in your piggy bank), then the year you have produced 343,000 rubles. savings deposit account, of which 283,725 will be used to repay the principal. After that, your monthly payment will be 67,725 and will save 3,393 rubles. per month. But during the early partial repayment of the loan must recalculate the payment schedule. It should decrease.
The difference between the first and the second method of early repayment is that it is time-consuming process takes 40-50 minutes of pure time in the office, not counting the road. Therefore, we recommend to make early repayment of large rather than small amounts.
6. Monitorte information about changes in lending rates at your bank.
Interest rates in the favorable economic conditions, banks are gradually declining. Keep track of the time (once a month), these changes on the website of your lender. And if you saw that the bank began to offer mortgages on more favorable terms, you can consult the manual with an application for reduction of rates based on the fact that you - the borrower is defective, do not let late payments and do not violate the terms of lending.
Bankers, of course, is not particularly happy in such statements, but the stakes are lower in the hope of your loyalty and the fact that you continue in the future to borrow it from them. Even lowering the interest rate to 0,25% can save you ? 360,000. for the entire period of the loan.
7. Make out a tax deduction.
With each spent a mln.rub.mozhno back 130,000 rubles. By law, an amount which is a return, should not exceed 2 mln. Thus, in our case, we can reclaim ? 260,000. and send them to repay the loan.
8. Make out a tax deduction for paid bank interest on your mortgage.
After payment of interest at the bank for every year, you can reclaim 13% of this amount. For 30 years the return would amount to 1,998,620 rubles.
9. Use the mother's capital.
If your family second child was born, you can use the maternity capital of $ 365,000 to pay off the mortgage. If you make that amount in repayment of principal, then thanks to your monthly payment of an annuity will decrease by 3,923 rubles. per month, differentiated payment payment will drop to 5,214 rubles. For 30 years the savings will amount to 1,412 million rubles. your budget on an annuity and 1 million 871 thousand rubles. for differentiated payments. But it does not net savings, and your available funds for 30 years, since month will have to give the bank less than it was for that amount.
10. If you bought an apartment in the mortgage - not only your home, rent it out.
Surely the bank will register a contract that is prohibited or that require a permit. However, if you regularly Perform conditions to make timely payments, provide insurance, bank and never want to inspect your apartment. Rents in Moscow are between 30 and 000 rubles. per month. Even the most conservative estimate, a year can save up to 360,000 rubles. By making a prepayment on account of principal repayment in the amount of 360,000 rubles. We can reduce the monthly payment of 3,812 rubles. per month.
"Bankers are introduced various moratoriums and restrictions that we have used a mortgage as long as possible, - says Roman Stroilov, director of private and corporate lending company Penny Lane Realty. - But as a rule, even in the worst case, this term does not exceed 1 year. We are the same customers, more profitable as soon as possible to pay off the mortgage in full - what we used to repay the loan, the smaller the resulting overpayment. That is when the bank makes out a loan, he does not know how many end up working, knows only the minimum rate of moratorium on the early repayment. In order to quickly pay off the mortgage, we propose to follow our advice. "