Now calculate: So much credit you can afford

In the long run, you will only be happy with your loan if the monthly installments do not bother you. Therefore, it is important to find the “right” loan amount – and answer the question: How much credit can I actually afford?

An important aid in finding the answer is provided by the free credit calculator from Crediter. You can simply enter your desired amount or the desired rate here and be quite concretely the possible terms of your loan can be displayed. Below the calculator you will find information about the respective contract period.

Free loan calculator with credit card

Free loan calculator with credit card

The focus is on the loan calculator use these aspects:
– What is the loan rate for the amount I would like to have?
– How can I change the rate by changing the maturity up or down?
– If I have a certain sum available per month: what credit can I get with installments of this amount?

Very quickly, it becomes clear that your actual disposable income, after deducting all costs, is the deciding factor. On the one hand, your salary comes in, on the other hand money flows away again – for example, for rent, for insurance, food, clothes, etc. The difference between the two sums is the amount you theoretically for the payment of credit installments Available. However, experts recommend that this framework is not fully exploited, but the sum at about two-thirds to “cover”.

How do you determine your disposable income?

As part of the credit check, banks generally use lump sums to quantify the cost of living. This lump sum increases with each member of the household living on the income of the borrower (eg, a spouse who is not working, the children, etc.).
Despite the rather lifelike lump-sum calculation of the banks, we recommend that you also make a “cash fall” before borrowing. So calculate as accurately as possible, how much money you really have at the end of the month. Positive side effect: One often discovers one or the other items, which one could easily do without, with the closer employment with the personal finances.

A good help with the personal “budget consulting” are the bank statements. Experts advise to consider a period of three to six months. Write each month’s revenue in one column and all costs in a second. Then deduct the expenses from the income. Ideally, every month, the bottom line is a positive sum. In particularly “expensive” months, however, may even be a minus before the amount. It is important that you end up on average of three to six months with a noticeable plus.

Your example calculation might look something like this:

January
Revenue 2,200 euros
Cost 1,900 euros
Surplus: 300 euros

February
Revenue 2,200 euros
Cost 1,700 euros
Surplus: 500 euros

March
Revenue 2,200 euros
Cost 1,800 euros
Surplus: 400 euros

April
Revenue 2,200 euros
Cost 1,600 euros
Surplus: 600 euros

May
Revenue 2,200 euros
Cost 1,700 euros
Surplus: 500 euros

June
Revenue 2,200 euros
Cost 1,900 euros
Surplus: 300 euros

All in all, we have a surplus of 2,600 euros in six months. So all we have to do is divide the sum by the months to get the average portion of your income available per month. Here 433.33 euros would be the result, rounded so 400 euros. Two-thirds of that, about € 250 to € 300, could easily afford you as a loan installment – because you always have € 150 or more as a “reserve” if you have unexpected expenses to pay. This effectively prevents you from slipping into the expensive credit line.

If you have determined the acceptable loan rate for you (250 to 300 euros in our example), the loan calculator from Crediter will provide you with the appropriate loan amount. For 250 euros, for example, loans of 5,000 euros * (with a very short term of 22 months) up to a maximum of 22,000 euros * (with a long term of 114 months) are possible. For € 300 per month, for example, € 7,000 (26-month term) to € 26,000 (with a credit period of 112 months) is feasible.