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Loans calculator in the Philippines

With the online loan calculator in the Philippines in 2022 you can calculate the repayment schedule for the loan, as well as the loan amount that you are planning to get according to the amount of monthly payments.

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A loan is an act of borrowing money. A number of things need to be considered before you apply for a loan, including the question, how will I repay the loan? If you have a solid answer to this question, you are probably ready to take the loan once all the other requirements are met.

To answer that question effectively, however, you need to know how much you would need to repay after interest and other applicable fees, which is why a loan calculator is so essential — it can tell you how much you would need to repay in a given time frame. There is also a basic interest or simple curiosity requirement. Loan calculators are automated tools that allow users to calculate the financial consequences of changing one or more variables in a loan financing arrangement.

What is a loan calculator?

A loan calculator is a tool that can be used to help you estimate how much a personal loan would cost you to repay. It shows both the total amount you would pay, including interest, as well as the minimum monthly payments you would have to make within the loan repayment term.

A loan calculator can be used with a wide variety of loans, including mortgages, auto loans, personal loans, and other fixed loans. Currently, most financial institutions that offer loans also offer customers access to a free loan calculator on their website, so you can simply visit and use it.

For example, if the bank does not offer a loan calculator, you can use the online software by simply googling it to calculate the loan amount by entering the loan details in the various fields and clicking on Calculate. Your figures will be ready in a second or two.

How does a loan calculator work?

The loan calculator is simple to use, straightforward to comprehend, and quick to complete, with colorful charts and rapid results.

Using the loan calculator, you may calculate the EMI for a house loan, a vehicle loan, a personal loan, an education loan, or any other completely amortizing loan. In the calculator, enter the following information:

Adjust the settings in the calculator form using the slider. If you need to input more specific values, you may do so directly in the relevant areas above. The calculator automatically recalculates your monthly payment (EMI) amount as soon as you modify the parameters using the slider (or click the Tab key after entering the values directly in the input fields).

The calculator shows the ratio of total interest against the principal in the sum of all payments made on the loan. The payment schedule table is given along with a chart displaying the interest and principal components paid each year for the whole loan length. The interest component of each payment is deducted, and the remainder is applied to the principal debt. During the first year of the loan, a considerable amount of each payment is allocated to interest. With the passage of time, increasing amounts of the principal are paid off. The payment schedule also displays the intermediate outstanding sum for each year, which is carried over to the following year.

Types of loan calculators

As stated earlier, most of these loan companies have their own calculators on their websites, but some of them don't. There are websites and applications specifically made for loan term calculations, and these are of many types: personal, auto loan, student loan, mortgage, home equity loan, and credit-builder loan calculators, amongst others.

Personal loan calculator

The personal loan payment calculator can offer concise visualizations of what monthly payments and total costs will look like over the course of a personal loan. However, since most personal loans come with fees and/or insurance, the final price may be higher than portrayed.

When determining the loan's annual percentage rate, or APR, the calculator takes into account all of these factors, so loan comparisons using the real APR are more accurate.

Personal loans can help pay off high-interest credit card debt or pay off large debts, but they should be treated with caution like all other debt. After you've determined how much you need to borrow and how much you can afford to pay each month, you can begin looking for personal loans, where personal loan calculators let you know what to expect. It is, most of the time, an unsecured loan.

In the Philippines, personal loans range in size from ₱30,000 to ₱2,000,000 with terms of 3 or 5 years. They are not backed by any sort of security (like a car or a home, for example) as is the norm with secured loans; instead, lenders evaluate credit worthiness, income, debt, and a host of other factors to decide whether to grant the personal loan and what interest rates will be offered. Personal loans are typically given at higher interest rates due to their unsecured nature (sometimes as high as 25% or more) to reflect the higher risk they carry.

All you have to do is to input your total loan amount, the interest rate, and the loan term. It will then determine the total amount you will pay when you might have covered your loan and the interest you will pay.

Example: Let us take a loan that is ₱20,000 with a 15% interest rate and a 5-year loan term.

First of all, you input your loan details; at the loan amount, you input ₱ 20,000, the interest rate you input is 15%, and 5 years at the loan term, then click on Calculate. You should see a display with your loan breakdown like this:

Mortgage calculator

The mortgage calculator allows you to estimate the monthly payment due and other mortgage-related costs. Extra payments or annual percentage increases in common mortgage expenses can be included.

A mortgage is a loan secured by property, usually real estate, and is defined by lenders as the money borrowed to pay for real estate. The lender helps the buyer pay the seller of a house, and the buyer agrees to repay the money over a specified time frame, typically 15 or 30 years in the Philippines. Each month, a payment is made from the buyer to the lender. The principal is a part of the monthly payment. The other part is the interest, which is the cost paid to the lender for using the money; there may be an escrow account to pay for property taxes and insurance.

Mortgage calculator terms

Loan amount. It is the amount borrowed from a lender or bank, which is a mortgage equates to the purchase price minus any down payment.

Down payment. This is the total purchase price. It is the portion of the purchase price that is paid for out of pocket by the borrower and is usually a percentage of the entire price. Mortgage lenders typically ask for a 20% or more down payment, although in some cases, borrowers may only need to put down 3%. Those with a payment of less than 20% must pay private mortgage insurance (PMI)—or hold this policy until the remaining principal on the loan falls below 80% of the original purchase price of the home. A general rule of thumb is that the higher the down payment, the faster the interest rate and the more likely the loan will be approved.

Credit report. A credit report is a brief summary of your credit history and current credit situation, including your payment history and the status of your credit cards.

Debt financing. Debt financing is borrowing money to pay off an existing loan.

Monthly principal. This is the amount you pay back each month.

Interest paid. Interest is simply the amount paid. This excludes the repayment of principal.

A credit score. This is a number that represents a person's creditworthiness. Credit scores are calculated using a number of financial data points about a person.

Loan amortization schedule. The amortization schedule is a record of your loan payments, which lists principal and interest rates for each payment. It shows all payments until the end of the loan term.

Interest rates. Mortgages can charge fixed-rate mortgages (FRM) or adjustable-rate mortgages (ARMs) as a cost of borrowing, each representing a percentage of the loan. Some calculators apply fixed rates only, as the name suggests. For ARMs, interest rates are generally fixed for a certain period of time, after which they are periodically adjusted according to market indices. ARMs shift a portion of the risk to borrowers. Also, mortgage rates of interest are usually expressed in annual percentage rates (APR), sometimes called nominal APR or effective APR. It is the rate of interest expressed as a periodic rate multiplied by the number of compounding periods in a year, so that if the mortgage rate is 6% APR, the borrower will pay 6% divided by 12, resulting in a monthly interest rate of 0.5%.

Loan terms. this is the maximum time it takes for the loan to be repaid in full. The average fixed-rate mortgage has a 15, 20, or 30-year term. A shorter period of time, such as 15 or 20 years, has a lower interest rate.

Auto loan calculator

The auto loan calculator is designed primarily for car purchases within the Philippines, although people outside the Philippines can still use the tool, but please modify it accordingly, i.e., input the country you're using it from. If you specify only the monthly payment for any car loan, use the Monthly Payments tab (reverse auto loan) to determine the actual vehicle purchase price and other auto loan details.

An auto loan functions just like any other generic, secured loan from a financial institution in the Philippines, with a typical tenure of 36, 60, 72, or 84 months. Ultimately, the car may be legally repossessed if the loan is not repaid every month by the borrowers.

What are the benefits of using a loan calculator?

The calculator's most important feature is that it calculates the loan interest rate, which is subject to a number of different factors, so you can easily adjust the numbers to find the best interest rates for you. Other benefits include the following:

It helps in calculating the EMIs and tenure of the loan. The calculator also helps calculate the appropriate length of the loan and the monthly installments required, so you can determine not only the appropriate amount of monthly installments to pay but also the number of installments you will be required to pay for the loan depending on the tenure.

It checks your loan eligibility. Since the loan calculator requires a lot of data (income, credit rating, etc.), it will also tell you whether or not you are eligible for a loan. Determining whether you are eligible before applying for the loan can save you a lot of time.

It helps in financial planning. A loan calculator can help you determine how to reduce your costs and loan value for the duration. It is recommended that you gather all the pertinent information about a loan before applying for one to help you manage your finances better.

It saves time. Without a loan calculator, it can be hard to calculate the loan amount, monthly payments, interest rates, and loan term accurately, and it takes a lot of time. The calculator is a simple and reliable tool that will save you time spent on complex loan calculations.

Functions of a loan calculator

The following points describe the functions of a basic loan calculator:

There are not too many special functions in a loan calculator; everything is pretty straightforward.

Compute button (CPT). First, press the compute button (CPT) when you're about to select a field for the calculator to compute. The CPT button is normally pressed before calculating a payment (PMT), a number of periods (N), present value (PV), future value (FV), or interest rate period (%). If, for example, you press the CPT button and then the PMT button at the same time, the calculator will calculate the payment's cost.

Payment button (PMT). The PMT button calculates the payments per period when pressed when combined with the other buttons for the number of periods (N), interest rate period (%), and present value (PV).

The number of a period button (N). This button is used to specify the number of times a loan would be payable (e.g., 60 payment periods for a five-year loan, for example). Before pressing the N button, you can either enter the number of periods yourself or first calculate the number of periods, such as 5 x 12 to get 60.

Interest rate per period button (% or I/Y). The % or I/Y buttons indicate "interest percentage" or "interest/yield." This button works with the time (N), present value (PV), and payment (PMT) buttons. Before entering the interest rate, be sure to use the rate that will apply for each period. For example, if your payments are made monthly, you should use a monthly interest rate and not an annual rate. It's possible to directly enter the interest rate for each period or, before pressing the % button, perform a calculation followed by the equal sign.

PV/SV button. When you want to input the present or future value of a loan or investment, use the present value (PV) and future value (FV) buttons, which are used in combination with the payments (PMT), the number of periods (N) and the interest rate per period (%) buttons. They can also be used together, for example, to determine the future value of a loan or investment based on its present value.

Example of calculations using a loan calculator

Borrowers can use these calculators to make calculations for any type of new loan, including secured loans, unsecured loans, private student loans, and other loans. A borrower can use it to calculate the estimated monthly payment of the money they borrow, total interest paid, and other types of costs they will be paying for that particular loan. The interest rates for unsecured loans and secured ones depend on whether you have applied for a fixed interest rate loan or any other type. Below are some of the examples for loan calculations

Example 1

We find the amortization schedule of a ₱200,000 loan with an APR of 6% and a 15-year loan term. We input the data and click on Calculate. In a second, the calculator does its work and gives us:

  • Monthly pay:   ₱1,687.71

  • Total of 180 loan payments: ₱ 303,788.46

  • Total interest: ₱103,788.46.

The annual and monthly amortization schedules should be displayed, as should even an amortization graph.

Example 2

Let's see how much it will cost if someone is trying to borrow money to buy a ₱1,000,000 home, with a 20% down payment, a 5.78% interest rate, and a 30-year downpayment.

First of all, you enter your data in the spaces provided, including your home insurance amount of let's say ₱1,500, property tax of 1%, and other costs of ₱4,000, and then hit the Calculate button. We will get:

  • Monthly Pay: ₱4,683.84

  • Mortgage payment: ₱4,683.84 x 360= ₱1,686,182.51

  • Property tax: ₱1,000.00x 360= ₱360,000.00

  • Home insurance: ₱125.00 x 360= ₱45,000.00

  • Other costs: ₱333.33 x 360=₱120,000.00

  • Total out-of-pocket: ₱6,142.17 x 360= ₱2,211,182.5

  • House price: ₱1,000,000.00

  • Loan amount: ₱800,000.00

  • Down payment: ₱200,000.00

  • Total of 360 mortgage payments: ₱ 1,686,182.51

  • Total interest paid: ₱886,182.51

Example 3

Let's say a person took an auto loan price of ₱250,000 with a 60-month term, a 4.5% interest rate, ₱50,000 interest rate, a 7% sales tax, and ₱3,000 registration fees. This is what they will get as a total fee:

Firstly, input the data above into the given spaces in the calculator.

  • This is what the outcome will be:

  • Monthly payment: ₱3,728.60

  • Total loan amount: ₱200,000.00

  • Sale tax: ₱17,500.00

  • Upfront payment: ₱70,500.00

  • Total of 60 loan payments: ₱223,716.23

  • Total interest paid: ₱23,716.23

  • Total cost (price, interest, tax, fees): ₱294,216.23