A consórcio has no interest, it has an admin fee: what changes is when you get the asset.
A consórcio, governed by Brazilian Law 11.795/2008, is group self-financing: members pay installments into a fund and, at each assembly, one or more shares are contemplated by draw or by bid and receive the credit letter. There is no interest; the cost sits in the admin fee, the reserve fund (optional) and insurance. The Central Bank rules now live in Resolução BCB 285/2023, in force since July 1, 2024 for groups constituted from that date: the admin fee is charged proportionally to the months of the plan (art. 19), credit is released only on contemplation (art. 11), bids come after the draw (art. 12) and an embedded bid uses part of the credit itself (art. 13). This calculator builds the payment from those components, adjusts the credit once a year and lets you pick the contemplation month, the free bid and the embedded bid. It compares three paths by the present value of what leaves your pocket: the consórcio, the loan (SAC or Price, with CET) and the honest alternative of investing the same payment and buying in cash once the balance reaches the asset price. Because contemplation is uncertain, the tool shows the cost for every possible month, the expected cost under a draw and the month from which the consórcio stops paying off.
How to use
Pick the asset, then fill in the consórcio offer and the bank offer.
Choose home or vehicle (this loads sample values) and enter the credit letter, term, total admin fee and reserve fund from the consórcio offer.
Enter the loan down payment, term and interest and move the contemplation month slider. Under Bids, adjustment, insurance and assumptions, set the bid, the adjustment index and the yield.
Read each path's present-value cost, the chart by contemplation month, the break-even month and the table with the effective yearly cost. Copy the summary or the link.
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References
Sources and references for this tool
These references help contextualize formulas, standards, APIs and limitations used on this page. They do not replace professional validation when a result has legal, financial, medical or operational impact.
It depends on when you need the asset and what money earns. For a R$ 300,000 home, a 180-month consórcio with an 18% admin fee and 2% reserve fund, a 15-year SAC loan at 11.5% with R$ 60,000 down, index and appreciation of 4.5% and fixed income at 10% gross, the consórcio contemplated in month 36 costs about R$ 289,000 in today's money, against R$ 350,000 for the loan. Investing the payment and buying in cash costs about R$ 203,000, but the home only arrives in month 120. The more urgent the asset, the more the loan makes sense.
Move it to see what changes if you are drawn early or late.
Sample value: use the one from your offer.
Bids, adjustment, insurance and assumptions
In today's money, the lowest-cost path is: Invest the payment and buy in cash, at R$156,456.
Consórcio contemplated in month 36: R$231,822, against R$302,868 for the loan. That is R$71,046 less.
In any contemplation month, the consórcio comes out cheaper than the loan under these assumptions.
Investing the consórcio payment and buying in cash takes until month 104 to own the asset and costs R$156,456.
Assumptions: asset appreciates 4.7% a year, credit adjusted 4.7% a year, fixed income at 14.8% gross, or 12.6% after the 15% tax, which is also the discount rate.
Consórcio, contemplated in month 36
R$231,822
First payment
R$2,120
Last payment
R$3,806
Total paid in the contract
R$519,896
Credit received
R$328,863
Top-up from your pocket
R$15,457
Effective yearly cost
11.3%
Loan
R$302,868
Down payment and fees
R$60,000
First payment
R$3,754
Last payment
R$1,372
Total paid in the contract
R$521,338
CET per year
12.9%
Invest the payment and buy in cash
R$156,456
Cash purchase in
Month 104
Initial monthly deposit
R$2,120
Present value: the sum of everything that leaves your pocket (down payment, payments, bid, top-up and waiting cost), discounted at 12.6% a year. Lower present value means more wealth at the end, because the asset is the same on all three paths.
Cost in today's money, by contemplation month
Consórcio, by contemplation month
Loan
Invest the payment and buy in cash
If contemplation depended only on a draw, with equal odds every month, the expected cost would be R$225,404 (best month: R$221,402; worst: R$233,514).
Cash out of pocket so far, month by month (nominal values)
Consórcio, contemplated in month 36
Loan
Invest the payment and buy in cash
By contemplation month
Present-value cost, difference to the loan and effective yearly cost
Month
Present-value cost
Versus the loan
Effective cost p.a.
Total paid in contract
1
R$222,129
-R$80.7K
7.5%
R$519,896
6
R$227,558
-R$75.3K
8.1%
R$519,896
12
R$233,514
-R$69.4K
8.8%
R$519,896
24
R$232,638
-R$70.2K
9.8%
R$519,896
36
R$231,822
-R$71.0K
11.3%
R$519,896
48
R$231,064
-R$71.8K
13.8%
R$519,896
60
R$230,359
-R$72.5K
18.1%
R$519,896
72
R$229,703
-R$73.2K
26.7%
R$519,896
96
R$228,526
-R$74.3K
n/a
R$519,896
120
R$227,508
-R$75.4K
n/a
R$519,896
150
R$223,740
-R$79.1K
n/a
R$519,896
180
R$225,525
-R$77.3K
n/a
R$519,896
Green: the consórcio costs less than the loan. Amber: it costs more. Effective cost n/a: what you would already have saved covers over 70% of the credit, and the rate stops being informative.
How the consórcio is calculated here
The payment adds common fund, admin fee and reserve fund, each divided by the term, as a percentage of the current credit, plus insurance. Credit and payments rise once a year by the index you enter.
The free bid comes out of pocket in the contemplation month and the embedded bid comes out of the credit itself. Both reduce only the common fund; admin fee and reserve fund follow the original schedule. Your group contract may treat this differently.
The asset bought at contemplation costs today's price grown by the appreciation you enter. If the credit, net of the embedded bid, falls short, the gap comes out of pocket; any surplus is deducted from the cost.
All three paths end with the same asset, so the tool compares the present value of everything leaving your pocket, discounted at the yield after a 15% tax. Lower present value ends with more wealth.
The consórcio effective cost treats the payments made until contemplation as savings growing at the after-tax yield and computes the rate on the credit actually received. The loan CET is the internal rate of return of the cash flow with down payment, fees, insurance and IOF.
Simulation with editable assumptions, not advice. Check fees, index, bid and contemplation rules in the group contract and in the bank offer.