This is a home loan / mortgage calculator will help you calculate the monthly amortization payments for loans that have a diminishing balance. The principal and interest are combined in the monthly payments.
At A Glance...
Home loan and mortgage calculator
To calculate for your monthly amortization payments, just enter the values in the fields for data input:
- Selling Price – This is the selling price of the property you want to buy in Philippine Peso (PHP)
- Downpayment in % – This is the downpayment amount you intend to pay upfront in percent
- Loan Term in Years – This is the number of years you intend to pay the home loan
- Interest rate in % – This is the annual or yearly interest rate (get this from the listing or the bank/seller)
Explanation of calculated results
After entering the values, the following are automatically calculated and displayed:
- Downpayment amount – This is the calculated downpayment amount in PHP based on the downpayment percentage you entered, if any. Can also be referred to as the buyer’s equity.
- Loan amount – This is the selling price less downpayment amount, if any.
- Gross Monthly Income Requirement – This is the calculated Gross Monthly Income you need to have in order to qualify for a loan. The monthly amortization should not exceed 40% of the Gross Monthly Income, and Gross Monthly Income can be calculated by simply dividing the monthly amortization by 40%.
- Monthly amortization – This is the calculated monthly amortization payments in PHP.
The amounts you will get above are for reference purposes only. Always get the actual amount from the bank/lending institution. As always, our standard site disclaimer applies.
Manually compute for monthly amortizations
How to calculate for amortization payments – If you want to double-check the amounts you got above, you can compute for your monthly amortization payments manually. Check this article for instructions.