Monthly mortgage payment: how to calculate and reduce it

Ways to reduce your monthly mortgage payment

Loan restructuring

Restructuring is a revision of the terms of the existing mortgage agreement.
The loan term increases, and the monthly payment decreases. However, restructuring depends on the age of the borrower. So, if in a particular bank the mortgage must be paid off before the borrower reaches 65 years of age, and the loan is issued for the maximum period, then restructuring in this case is impossible. The bank is not obliged to agree to restructuring - the decision on this remains at its discretion.

Those borrowers who are faced with difficult circumstances can apply for restructuring:

permanent or temporary loss of ability to work, disability;
dismissal due to staff reduction, salary reduction;
registration of marriage or divorce, birth of children - any family circumstances due to which the borrower’s income has decreased.

The borrower can also apply for a credit holiday. A grace period is provided to solve financial problems. The maximum duration of vacation is up to 6 months.

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Refinancing

Refinancing is refinancing in another bank (for example, a Sberbank client can switch to VTB 24 due to more attractive interest rates).
Refinancing offers the consolidation of all loans into one . If a client pays off a mortgage, a consumer loan and repays a credit card debt, then the entire total debt can be combined, which reduces interest rates - after all, the new bank usually offers a loan on favorable terms compared to the previous institution.

At the same time, the applicant must meet the requirements imposed by the other bank in relation to borrowers.

Use of government support

If a second or third baby appears in the family, then the spouses have the right to apply for state subsidized mortgages.
Interest rates that exceed 6% will be covered from the state budget. The period of support is up to 3 years (when there are 2 children in the family) or up to 5 years (when parents are raising three children). If parents who are currently enrolled in the Family Mortgage program have another child, the grace period will last up to 8 years.

Renting out housing

If the borrower has other housing, he can rent out the mortgaged apartment .
If there is no opportunity to move, then you can rent out one or two spare rooms in housing. By using the money received from tenants to pay off the mortgage, you can significantly reduce the financial burden on the family budget. As a result, the debt will be repaid earlier, and the final overpayment will be significantly reduced. Typically, banks do not check whether third parties are using a mortgaged apartment. At the same time, the loan agreement specifies the conditions for a possible lease.

Some people pay off their mortgage entirely with rent. On average, credit apartments pay for themselves in about 10 years.

Reduction of additional insurance payments

Without collateral insurance, a mortgage cannot be issued.
Most often, borrowers choose an organization of 3-4 bank partner companies to pay for the policy. But according to the law, the client has the right to contact another insurance company, choosing it independently and saving up to 50% of the cost of the policy. Since the mortgage is issued for a long term, you can draw up an insurance contract for a year, and then renew it by contacting different companies, depending on the conditions offered. There is an opportunity to save up to 40 thousand rubles annually.

How to reduce mortgage interest? The borrower is recommended to insure life and health. This service is voluntary, and clients often refuse it, not wanting to spend money on paying for insurance. At the same time, if you refuse life and health insurance, the annual rate increases by 1-2%.

Current mortgage rates in Sberbank

A mortgage loan is the most popular type of loan. Only a few people can buy their own home without outside help. That's why people turn to credit institutions. And since Sberbank occupies a leading position in the country’s financial market, it issues the lion’s share of mortgage loans for a long time.

And here a conflict arose: according to the bank’s performance results for 2017-2018, there was an imbalance in mortgage rates. Bank clients who entered into mortgage agreements during this period significantly overpaid their loans, by 4-8%, than those who signed them before or after the specified period.

The interest rate on a loan for the purchase of housing is very strictly tied to the refinancing rate of the Central Bank of Russia. When the Central Bank of Russia raised the refinancing rate from 10% to 17% at the beginning of 2020 due to a sharp drop in oil prices, rates on all types of loans soared. Mortgage loans began to be issued at 13-15%, or even higher. In 2020, the situation in the country's economy stabilized, which led to a natural decrease in the base rate. In 2020 it is already only 6.25%. Naturally, there was a change in mortgage rates.

In 2020, Sberbank offers mortgage loans on the following terms:

base interest rate - 9.25%;
for families with more than two children with government support - 6%;
purchase of housing on the secondary market (finished) - from 8.6%;
purchase of housing on the primary market (under construction) - from 7.4% (bank clients who buy apartments from developers who are partners of Sberbank can count on this rate - in all other cases it will be higher by 1-2%);
construction of an individual house - 10%
purchase of suburban real estate - 10%;
military mortgage - 9.5%;
refinancing of mortgage loans - 9.5%
mortgage with maternal capital - from 8.9%.

Based on the information provided, it seems natural that many clients would like to change the current mortgage agreement.

Additional features and nuances

If you don't have a mortgage yet, there are several ways you can reduce your monthly payment.

The first way is to get a mortgage for a maximum period . The monthly payment will be less, but the final overpayment will be significantly higher. At the same time, a small amount of monthly payments reduces the risk of non-payment of the loan.

The second way is to choose annuity payments instead of differentiated ones. The first assume the same amount of contributions throughout the entire loan. With differentiated payments, interest is calculated on the fixed part.

Since in the first years of loan repayment the main part of the payment is interest, then at this time the amount of contributions is significantly higher. Subsequently, by the end of the term, the main part is spent on repaying the debt itself, and the amount of monthly payments is reduced.

If you plan to take out a mortgage, for example, from Sberbank, then the borrower has no choice - the loan is provided only on the terms of annuity payments. In general, differentiated payments are more profitable for the borrower, but not all banks have a similar debt repayment scheme. You can get a mortgage with differentiated payments from Gazprombank, Rosselkhozbank.

Finally, monthly payments along with the loan term will be minimal if the borrower provides an impressive down payment.

Ways to reduce the rate on an already issued mortgage

When contacting Sberbank with an oral request about the possibility of revising the terms of a mortgage loan, many make a mistake. Bank employees either do not have the necessary information or deliberately do not give it out. There is also nothing on the bank’s official website on this topic. As a result, people silently pay high interest rates on the loan, not knowing that they can be revised downwards.

Let us immediately note that this is difficult to do. Any creditor is not interested in changing the terms of the contract in a direction that reduces his income. However, there are completely legal methods to achieve a positive result in a confrontation with a bank:

refinance a loan;
carry out loan restructuring;
file a lawsuit to change the terms of the loan due to deterioration in financial situation;
become a participant in state social programs (maternity capital, the birth of a second and subsequent child, young family, etc.).

Trying to protect itself from a massive revision of the terms of the mortgage agreement, Sberbank introduced a number of restrictions:

mortgage interest rate - at least 12% per annum;
the balance of the debt must exceed the amount of 300.0 thousand rubles;
The bank client should not have any violations of the terms of the contract - for example, late payments;
the loan was not restructured.

However, this does not mean that you cannot get a lower interest rate on the loan if it is below 12% in the contract.

You need to start by submitting an application. The bank is obliged to give an official response to this, indicating the reasons for the refusal. If they are unfounded, you can lose significantly more during the trial. Therefore, Sberbank gives correct answers.

The application can be submitted in person or through Sberbank Online.

When visiting a bank branch in person, you must first write a free-form application. Please indicate in it: I ask you to reduce the interest rate under loan agreement No. 1234 dated 00.00.000 due to the fact that the Central Bank of Russia has reduced the refinancing rate to 6.25%. But it’s better to take a sample on the Internet, for example. Print it out, fill it out, sign it and scan it.

Sample application.

The application must be submitted in two copies so that the bank makes a note of acceptance on the client’s letterhead. The fact is that according to Sberbank regulations, he is obliged to respond within 30 days. In fact, the bank's decision can be expected up to 120 days. A delay in response is grounds for filing a claim in court, which in most cases sides with the plaintiff.

An electronic application is submitted through DomClick. To do this, you need to log into your Sberbank Online Personal Account and go to the DomClick page. In the “Mortgage” section, activate the “Application for rate reduction”. Fill in the fields that appear and send to the bank.

Within 30 days, the bank is obliged to inform the applicant about the decision made. The response will be sent by email, the address is indicated in the application or by SMS message to a cell phone number, which is also included in the electronic application.

Restructuring

The most effective method of changing the parameters of a mortgage agreement, when you can save a significant amount, is loan restructuring. During this process you can:

reduce the interest rate;
shorten loan terms, which also significantly saves money.

Restructuring, or refinancing, is carried out only in one case - if the borrower’s financial situation has changed. It does not matter whether it has improved or improved.

When the borrower has the opportunity to reduce the terms of the mortgage, which indicates an increase in his well-being, the following is submitted along with the application to revise the terms of the contract:

a copy of the loan agreement;
certificate form 2-NDFL;
HR order on promotion with a corresponding increase in salary;
documents from the Pension Fund of the Russian Federation confirming the assignment of benefits or pensions;
papers confirming additional sources of income;
a certificate from the employer confirming that the co-borrower will return to work after maternity leave, etc.

You can refinance your mortgage even if your financial situation worsens. There are two ways:

reduce the annual mortgage rate;
increase the loan terms, which leads to loss of money from the family budget.

The reasons why you can lower your interest rate are as follows:

dismissal due to staff reduction or liquidation of the company (loss of work due to absenteeism, drunkenness or at one’s own request is not taken into account);
loss of a breadwinner;
birth of a child;
serious illness of a family member;
reduction in salary levels, etc.

The entire package of documents must be submitted in person, and you must ask the bank to put a mark on the second copy of the application for its acceptance.

Important: when restructuring a mortgage, courts ignore Sberbank’s internal regulations on the inadmissibility of reducing the interest rate if it is less than 12%.

If the bank refuses for some reason, you must file a claim in court. Almost all cases were decided by the court in favor of the plaintiff.

Important: if there are no funds to pay the mortgage, restructuring is carried out under other conditions, which can be viewed here.

Refinancing

Refinancing (from the English word refinance) in the language of financiers means obtaining a new loan to pay off debt on an old debt obligation. At the same time, the new lending conditions must be better than the previous ones, otherwise the meaning of the procedure is lost

Sberbank's mortgage refinancing program allows you to repurchase a mortgage loan from other lenders, reconstruct your own mortgage loan, and combine up to 6 loans in one agreement (mortgage + 5 consumer loans). The refinancing process at Sberbank is discussed in detail in the material “Mortgage refinancing at Sberbank.”

Going to court

Lawyers, employees of bank legal departments and financial lawyers believe that it is impossible to win a claim to reduce the interest rate on a mortgage. Indeed, no, and most likely there will not be a single court decision in favor of the plaintiff to reduce mortgage interest due to the fact that the refinancing rate has more than halved, and with it the cost of the mortgage loan.

For reference: you can directly change the terms of the contract only if the lender has changed the terms of the commission or arbitrarily increased the rates.

But there is a nuance here that is not talked about. The borrower, if his financial situation worsens (see above), needs to take several successive steps.

Collect documents confirming the deterioration of his solvency.
Using the template, write an application to Sberbank with a request to recalculate the mortgage interest rate as part of the restructuring of the mortgage agreement.
Submission of documents is made in person, with registration of admission. The mark must be placed on the second copy.
Consideration of debt restructuring issues will be carried out within 30-60 days from the date of filing the application, with an invitation to the applicant. The lender is unlikely to agree to voluntarily change the terms of the agreement in terms of reducing the loan rate. The bank client will be offered several options to get out of the current situation, which are not required to be accepted. Further arguments must be moved to the courtroom.

Attention: if the monthly payments are less than 25% of the total family income, the judge will not reduce the interest on the mortgage.

Social programs

Every Sberbank borrower can become a participant in one of the social programs at any time.

1. Housing program “Providing housing for young families.” Within its framework, young families receive financial assistance from the state, which can be used to partially repay the mortgage or reimburse their own funds if the residential premises were purchased without involving bank resources. Families can participate:

for whom both spouses are under 35 years of age;
having a constant source of income;
having the status of needing to purchase living space.

Families without children receive a 35% subsidy. In this case, the total family income must exceed 21.0 thousand rubles. per month (payments are approximately 600.0 thousand rubles).

Families with one child must have a monthly income of at least 33.0 thousand rubles, and for a family of 4 people - more than 43.0 thousand rubles. In both cases the subsidy is 40%. At the birth or adoption of a third child, the state increases the subsidy by 5%.

On January 1, 2020, a new state support program for families who had a second or third child was launched. For such families, the mortgage interest rate is reduced to 6%.

To become a participant in the program, you need to provide the bank with a corresponding application and originals with copies of the birth certificates of each child.

2. Maternity capital is also one of the types of social support for home buyers with the help of a mortgage. If during the period of validity of the mortgage agreement the family received an appropriate certificate, the maternity capital money can be used to partially repay the loan. More details on the topic are here.

Let's sum it up

So, there are many ways to reduce your monthly mortgage payment, whether you have an existing one or one that has not yet been taken out. If you encounter financial difficulties, you can contact your bank for restructuring or a third-party lending institution for refinancing. You can also save on insurance and rent out the apartment (or part of it).

Those who have not yet taken out a mortgage are advised to enter into an agreement for the maximum term, choose annuity payments and make a large down payment.

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How to reduce your mortgage payments

Advice from lawyers:

1. I have been paying my mortgage for seven years. Is it possible to reduce insurance payments?

1.1. Good afternoon Get a current list of accredited companies from your bank and call them. Renew the contract with a new company that will offer more favorable conditions.

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2. How to reduce the interest rate and payment term on your mortgage.

2.1. Hello! This can only be done in agreement with the bank; contact the bank with an application. Good luck to you and all the best!

Did the answer help you?YesNo

2.2. The loan agreement, which specifies the interest rate and term, can only be changed by agreement with the bank. Contact your bank with this offer.

Did the answer help you?YesNo

2.3. Hello, if you are eligible for a government support program, please submit an application. To the bank. Otherwise, it is possible to go to another bank to refinance at a lower interest rate. Good luck to you.

Did the answer help you?YesNo

2.4. The payment term can be reduced if you pay ahead of time amounts exceeding the monthly payment (for this you need to write an application each time), no one will reduce the mortgage interest for you: you signed the loan agreement, which means you agreed with its terms, the schedule is an integral part of the agreement payments: you must pay the amount indicated in the schedule every month.

Did the answer help you?YesNo

3. Is it possible to reduce the mortgage payment if a third child is born soon?

3.1. Not provided by law.

Did the answer help you?YesNo

4. I have a mortgage, it is in arrears due to the loss of my job back in 2020. I currently owe the bank 203,000 rubles. I don’t have any money at the moment and only God knows when it will appear. The labor market has slowed down. There is an option to take a vacation, but for this you need a lot of certificates, and these authorities cannot be reached by phone and the second restructuring, that is, the payment amount will be reduced for 6 months, and all underpayments will then be transferred to the main payment. What should I do? What line of action?

4.1. If a claim is filed, apply Article 333, 196 of the Civil Code of the Russian Federation.

Did the answer help you?YesNo

5. In 2007, we took out a mortgage and it was registered in the name of my husband. In 2010, my husband became disabled. Now he has 2 grams. disability due to oncology. When applying for a mortgage, they did not insure life and health (they did not know and did not tell who issued it). Dependent child 14 years old. Is it possible to do anything to reduce the payment or interest on the loan?

5.1. First, by agreement with the financial institution due to exceptional circumstances.

Did the answer help you?YesNo

6. How to reduce the percentage of card withdrawals by bailiffs? They take off 50%. And then there are payments. Mortgage, loan, installment payment for utility bills and current utility payments.

6.1. By going to court, which made a decision with an application to reduce interest. The bailiffs will definitely not do this. Sincerely.

Did the answer help you?YesNo

6.2. Good evening, Elena! You can reduce it by contacting the bailiffs with a statement about this and indicating all the reasons you listed.

Did the answer help you?YesNo

6.3. Hello, contact the senior bailiff with an application for a reduction in interest, be sure to attach documents confirming your financial situation.

Did the answer help you?YesNo

7. An apartment was purchased in 2014. 50% of the cost comes from the sale of my mother's apartment. 50% mortgage. In the mortgage agreement, the husband is a co-borrower. An apartment with an encumbrance in common ownership. They divorced in 2020. I pay the full mortgage payments. Pay for another 4 years. My ex-husband refuses to pay. He goes to the bank. Is it possible to reduce the share in the mortgaged apartment of the ex-husband, as he did not pay mortgage payments? If possible, how and when is the best time to start doing this?

7.1. Yes, you may need to go to court with a claim for the division of the mortgaged apartment and the mortgage loan, but such a claim must be filed no later than 3 years from the date the court decision on divorce came into force.

Did the answer help you?YesNo

8. Mortgage since 2013, once there was a restructuring, after which there was a court case for delaying the term, thereby reducing the payment and the parties’ considerations because For half a year we paid the mortgage in installments, the bank filed a lawsuit... Now everything is fine, payment was on time, but more than once I applied for a reduction in%, at this time 13.75, on the mortgage and always received a refusal... due to restructuring. Maybe at least something can be done to reduce the percentage...

8.1. Without the bank's consent, you cannot reduce the interest in any way.

Did the answer help you?YesNo

9. I pay my mortgage, I turned 55 this year, but I continue to work as a teacher! That is, I am a working pensioner! Should I recalculate my mortgage interest and reduce my monthly payment?

9.1. Good afternoon, only the bank at its discretion can reduce the payment or recalculate the interest under the agreement only after your written application. Theoretically, the bank can do this, but is not obliged to.

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10. I was approved for a mortgage of 1,630,000 rubles. Interest rate 10.1. Monthly payment 17940 rub. The mortgage term is 15 years. Initial payment 300,000 rub. Question: is it possible to reduce the monthly payment amount to 10,000 rubles? I would also like to know if it is possible to obtain insurance from another company. The contract is ready for signing, can I change the parameters of the contract?

10.1. Hello, Zinaida! You can take out insurance anywhere; the law does not oblige you to take out insurance at the same bank. But with regards to reducing the monthly payment, this issue is resolved exclusively by the bank itself on the basis of its internal regulations.

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11. I verbally entered into an agreement to refinance the mortgage in order to reduce the payment and increase the term, I paid the money, but in fact nothing was done, the payment was what it was and remained even from the bank they didn’t call that there is approval or approved but the amount is less, what should I do?

11.1. You must first enter into an agreement and then pay. Currently, apparently this is processed as a regular payment? Write an application for restructuring and wait for a response.

Did the answer help you?YesNo

11.2. The amendment to the contract must be made in the same form as the contract itself was made. Accordingly, oral agreements to amend the mortgage agreement have no legal force. You should seek a written agreement to change the terms of the mortgage agreement.

Did the answer help you?YesNo

12. We were going to contribute mat capital to the mortgage, wanted to reduce the term of the mortgage, the bank told us that an application for partial early repayment is written after the money has been received, at the moment the money has arrived in the bank account and they themselves wrote off mat capital and reduced the mortgage payment and now They say that the application should have been written earlier, is it possible to do something about it now?

12.1. Submit an application about this, with evidence of filing this application, and ask for a recalculation. Then a lawsuit.

Did the answer help you?YesNo

13. A loan has been issued to a private person secured by an apartment. A deputy mortgage has been issued. Registered in the Russian Register. The deadline for repayment of the principal amount of the loan is in 2021. Monthly payment is only 5 percent per month. Now the monthly payment is overdue, which was an oral agreement with the investor. Will he be able to sue for the apartment? And is it possible in court to reduce the penalty if he files a lawsuit? The amount of the loan is 350 tr.

13.1. Hello. The lender may present you with a demand for early repayment of the entire loan amount, and then through the court demand foreclosure on the apartment.

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Consultation on your issue

Calls from landlines and mobiles are free throughout Russia

14. At work, the salary has become significantly less. Paying your mortgage has become much more difficult. Can I negotiate with the bank to reduce the payment and increase the time from 15 years to 30 maximum. 'Based on materials from the legal social network www.9111.ru ©'

14.1. The long-awaited question, like any other related to mortgage payments, must be agreed upon with the bank and a statement must be written. This issue is resolved strictly in accordance. With the rules of the bank and according to its decision.

Did the answer help you?YesNo

14.2. Good day to you. You need to ask this question directly to the bank employee where you took out the mortgage. I wish you good luck in resolving your issue.

Did the answer help you?YesNo

15. When paying a larger monthly mortgage payment, what are the benefits? Will it shorten the loan term or reduce the monthly payment?

15.1. Hello! It is more profitable to reduce the term, so there is less overpayment. But you need to look at the contract, perhaps there is no such option and the bank will reduce the payment amount.

Did the answer help you?YesNo

16. I have “Outstanding loan payments (except mortgage).” What to do? Is it possible to reduce the amount or pay in installments? Is it possible to travel abroad?

16.1. You can travel abroad only if the bailiff has not imposed a travel ban, so you only need to find out this information from him. The ban is imposed if the total amount of debt exceeds 15 thousand rubles.

Did the answer help you?YesNo

16.2. Traveling to the borders of your homeland is most likely closed to you. At the stage of enforcement proceedings, the amounts cannot be changed in any way. It had to be contested in court.

Did the answer help you?YesNo

17. I plan to use the mat. capital to pay off the mortgage, do I have the right to choose to reduce the loan term or only possibly reduce the monthly mortgage payment.

17.1. You have the right to contact the lender with an application for early repayment of the loan, sending it no later than a month in advance. This is much more profitable than a comma because in the end you will pay much less interest.

Did the answer help you?YesNo

17.2. Good day to you. You have the right to apply to the creditor for early repayment. Good luck with your survey.

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18. Can the bank understand the client’s situation and reduce the monthly loan payment if the client can no longer pay the amount that is currently available, and refinancing in another bank is not given because there is a mortgage.

18.1. Hello, dear Nadezhda Of course, no bank will ever meet you halfway. Banks benefit from high interest rates and delays. Good luck in resolving your issue.

Did the answer help you?YesNo

18.2. No, of course, although - everything is in the power of the bank management; if they go to court - ask to recalculate the interest and penalties - they often increase them or unilaterally change the terms of the agreement in the direction of increasing the interest and penalties, this is illegal - Art. 310 Civil Code of the Russian Federation.

Did the answer help you?YesNo

18.3. Hello. Contact the bank with an application to restructure the payment schedule. If this does not help, do not pay for a month; the bank will contact you and offer you restructuring.

Did the answer help you?YesNo

19. Question of this nature: We took out a mortgage for 17 years. In the first year, an early payment of 20 thousand rubles was made. According to my calculations, the period should have been reduced by 5 months. But the bank reduced it by only a month. Why doesn’t the bank consider reducing the principal debt by 20 thousand, since so much interest accrues on them over 17 years?

19.1. See the terms of the agreement. You can submit an Application (2 copies) to the bank, the main thing is that your copy is stamped with a seal, input. No. and signature, if they refuse to accept it, you can send the Application by registered mail with notification and inventory. Article 14.8 of the Code of the Russian Federation on Administrative Offences. Violation of other consumer rights 1. Violation of the consumer’s right to receive necessary and reliable information about the product (work, service) being sold, about the manufacturer, about the seller, about the performer and about the mode of their work - entails a warning or the imposition of an administrative fine on officials in the amount of five hundred to one thousand rubles; for legal entities - from five thousand to ten thousand rubles. 2. The inclusion in a contract of conditions that infringe upon the rights of the consumer established by law shall entail the imposition of an administrative fine on officials in the amount of one thousand to two thousand rubles; for legal entities - from ten thousand to twenty thousand rubles. 3. Failure to provide a consumer with benefits and advantages established by law - entails the imposition of an administrative fine on officials in the amount of five hundred to one thousand rubles; for legal entities - from five thousand to ten thousand rubles.

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20. Does Sberbank have the right to reduce the amount of monthly payments at the beginning of the term and increase it at the end of the mortgage term without the knowledge of the payer and what should be done in this case to return to the previous schedule?

20.1. Good day. It does not have the right to unilaterally. Write a statement to the bank that unilateral changes in the terms of the schedule are not allowed and ask to return to the previous schedule. All the best and good luck in resolving your situation successfully.

Did the answer help you?YesNo

I took out a mortgage in 2014, Sberbank Russia 898,000 rubles, for 20 years, 13.

Is it possible to increase the mortgage payment term but reduce the monthly payment, if so, how does this happen?

After the divorce, I received a certain share of the apartment purchased with a mortgage.

How to reduce mortgage payments? The restructuring has already taken place. Is it possible to apply to the court to reduce mortgage payments?

Is it possible to somehow reduce the amount of the mortgage payment? I have a large family (three minor children)

Following. In 2013, I took out a mortgage for a new building. Ownership was registered in 2020,

In December 2020, my husband received 1 quarter under the “relocation from emergency housing” program.

For partial early repayment of the mortgage Sberbank-750000 for 10 years. As a result of making an early payment of 160,000, the monthly payment was reduced,

We have a 20 year mortgage. How can you reduce the years? Convert to 10 years. We cannot pay more than the monthly payment according to the schedule. But we want to reduce the years.

How can I do it right? A mortgage was taken out for 15 years, which should be covered in half with capital.

We would like to pay off part of the principal debt on the mortgage with maternity capital. Payment in equal monthly installments.