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Mortgage calculator online in the Philippines in 2022. How to figure out a mortgage yourself?

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Fill out an application for a mortgage!

Take advantage of our mortgage selection system with **a free credit rating check**!

The online mortgage calculator allows you to calculate the monthly house payment and other mortgage-related financial costs. Extra payments or annual percentage increases of common mortgage-related expenses may be calculated with the tool.

The term “mortgage” refers to a loan used to purchase or maintain a home, land, or other types of real estate. The applicant borrowing money must make repayments to the lender over a period of time, dividing the principal and interest into separate categories. A borrower must apply for a mortgage through their preferred lender and meet several requirements, including minimum credit scores and down payments. The mortgage type best suits the borrower depending on their needs, such as the conventional and fixed-rate mortgage loan.

Mortgage calculators are automated tools that enable users to determine the financial consequences of changes in one or more variables in a mortgage financing arrangement. Consumers use mortgage calculators to determine monthly payments, and mortgage providers use mortgage calculators to determine an applicant’s financial ability. People also use this calculator to assess the principal and interest of the loan, the balance, the periodic compound interest rate, the number of payments per year, the total number of payments, and the regular monthly payment amount. Other major factors in a mortgage calculation will be discussed later. Complex calculators allow you to calculate other mortgage costs such as local/state property taxes and homeowners' insurance policies.

You can use the mortgage payment calculator to calculate your monthly payment easily. This will save you from doing it yourself if you’re not up for a complex mathematical calculation. The tool uses a standard formula to calculate monthly mortgage payments. To calculate and determine your monthly payment, you have to enter the principal, the monthly rate of interest, and the number of months from your loan, and then tap on the **Solve **or **Calculate **button to execute this operation. After that, the calculator uses this formula:

**M = P [r(1 + r)^n] / [(1 + r^n) -1]**

Where:

M = the total monthly mortgage payment,

P = the principal loan amount,

r = your monthly rates of interest; lenders provide an annual rate, so you will need to divide that figure by 12 (the number of months in a year) to get the monthly rates for the monthly mortgage payment calculator. For instance, if your interest rate is 8 %, your monthly rate would be (8/100)/12 = 0.08/12 = 0.0066667.

n = number of payments over the loan period; this could be determined by multiplying the number of years in your loan term (the life of the loan) by 12 (which is the number of months in a year) to get the number of payments for your loan. For instance, a 15-year fixed mortgage would have 180 payments (15 x 12 = 180).

This formula can be used to crunch the numbers to calculate the value of a house you might be able to afford. The tool can also take the stress out of the situation and help you determine whether you have enough money for a required downpayment or if you should or should not invest in extending your loan term. It is always a good idea to compare prices with several lenders to ensure you get the best offer possible.

Here are some of the formulas that are used in the calculator for calculating interest rates.

The monthly mortgage payment calculator uses the formula: **Monthly interest = (loan balance x interest rate)/12**

For example, let's say you have a ₱500,000 loan balance with a 10% interest rate. Your interest payment for the month would be: (500000 x 10) / 12 = 5000000/12 = ₱416,666.6667.

Your balance changes each month after you have made a mortgage payment, so always use the new balance to calculate the next month’s interest.

Mortgage payment calculators use the formula: **Annual interest = (loan balance x interest rate) / number of years in the loan.**

For instance, there's a balance of ₱1,000,000 with a 5% interest rate on a 20 year loan term. The yearly interest payment would be: (1000000 x 5) / 20 = 5000000 / 20 = ₱250,000.

There are different types of mortgage calculators. These are fixed-rate mortgage calculators, refinance mortgage calculators, and adjustable-rate mortgage calculators.

A fixed-rate loan offers a fixed-rate monthly mortgage payment over the life of the loan. Fixed-rate mortgage loans are typically available for 10-, 15-, 20-, or 30-year loan terms, though other terms may be available.

The fixed-rate mortgage insurance calculator provides us with customized information which is based on the information that is provided. However, it assumes a few things about us. For instance, we are buying a single-family home as our primary residence. The calculator also makes assumptions about the closing costs, the lender’s fees, and other costs, which is very significant. The information about its usage is given below.

The tool uses the formula

**P= L[c (1 + c)^n] / [(1+c)^n - 1]**to calculate the fixed-rate monthly mortgage payments. In this formula,**P**is the smaller monthly mortgage payment.Input the value equal to the mortgage amount into the tool, and this is the

**L**.The

**c**in the formula is the monthly rate of interest, which can be determined by dividing the annual percentage rate by 12. So, before inputting this value in the tool, we must convert the interest rate from percentage to decimal, which could be done by dividing the interest rate by 100. For instance, a 12 annual percentage rate would convert to 0.12. Divided this by 12, the monthly interest rate would now become 0.01.Input the number of months of the loan, which is

**n**in the formula. So if the loan term is 20 years, the value of**n**would become 240, which is the product of 20 multiplied by 12 (number of months a year).To solve for

**P**, which is to figure out the monthly mortgage payments on a fixed-rate mortgage, using the above data as example, for a ₱2,500,000 mortgage, it would look like this:**P**= 2,500,000 [0.01 (1 + 0.01)^240] / [(1 + 0.01)^240 - 1] (from the formula). The online calculator will handle this, but this is how it will look after substituting in all the data.The tool will be solving the calculations within parentheses and brackets first. It will simplify the calculation to: P = 2,500,000 [0.1089255365] / [9.8925536539]. In this example, the monthly fixed-rate mortgage payment equals ₱27,527.15.

Mortgage refinancing occurs when you replace your current home loan with a new one. Like any other loan, you apply for refinancing, which involves a thorough assessment of your credit, gross monthly income, employment, and financial situations. Mortgage lenders may order a home appraisal to assess your home’s current market value and to determine how much equity you have in it. When you refinance, the borrowed money from your new loan pays off your existing loan.

Many people refinance their mortgages to lock in a lower rate, lower their monthly payments, or shorten their mortgage term. You can also opt for a cash-out refinance, which lets you borrow against the equity in your house, capturing some of the difference between what you owe and its current value. Most loan types limit cash-out refinancing to 80 % of the home’s total value; optimally, you’ll also get a lower interest rate. The cash you draw from your home’s equity can be used to consolidate higher-interest debt or improve your home.

The mortgage refinances calculator will give you an idea of how much you stand to save (or lose). Here is how you can use this calculator.

First, you input the original cost details (i.e., the original home’s purchase price, original down payment, original maximum loan amount, original loan term, original interest rate, and the months already paid).

Then input the refinanced loan details (i.e., the refinanced loan term, the interest rate, and the years before selling).

Input some basic fees and points (i.e., the discount points, origination fees, and other costs).

Next, enter your annual tax bill details (i.e., federal income, property, and state tax rates).

Then click on

**Calculate**. The calculator will now show some before and after refinancing details, like the balance and closing annual cost, the monthly debt payments, the loan term total payment, and the income tax info.

The adjustable-rate mortgages offer attractive interest rates, but your payments are not fixed. An adjustable-rate mortgage calculator helps you determine your potential adjustable monthly mortgage payment.

The calculator shows a fully amortizing ARM, the most common form of ARM, where the monthly payment is calculated to pay off the entire mortgage balance at the end of the term. The interest rate and the lower monthly payments are reviewed at the specified frequency after any fixed interest rate period has expired. A fully amortizing ARM also has a maximum rate it cannot exceed. Below is a list of the most common types of Fully Amortizing ARMs.

10/1 ARM = Fixed for 120 months, and it adjusts annually for the remaining term of the loan.

7/1 ARM = Fixed for 84 months, and it adjusts annually for the remaining term of the loan.

5/1 ARM = Fixed for 60 months, and it adjusts annually for the remaining term of the loan.

3/1 ARM = Fixed for 36 months, and it adjusts annually for the remaining term of the loan.

We can use this calculator in multiple ways. A basic guideline for using this calculator for calculating your mortgage payment is given below.

Firstly, enter the mortgage amount. This is the original or expected balance for your mortgage.

Then input the term, which is normally in years. The term here is the number of years you will be repaying this loan. The most common mortgage terms are 15 and 30 years.

Enter the rate of interest. This is the initial annual interest rate for this mortgage. Then you choose how the amortization should be reported (monthly or annually).

Input the number of months before the first adjustment. This is the length of time the rate of interest is fixed; after this period, the rate of interest will be subject to rate adjustments. If you type zero in this field, it will assume that the rate will start making adjustments after the initial period of time between adjustments has passed; if a number other than zero is entered, the first adjustment will occur at that point, and adjustments will be made at the frequency specified in the

**Months between adjustments**field.Enter the number of months between adjustments. This is the number of payment periods between possible adjustments of your interest rate, with a typical length of 12 months, so your payment can change at most once a year.

Enter the expected adjustment rate. The rate of interest you anticipate for your mortgage will change by this amount, which will be added to your mortgage or subtracted from it.

Enter the rate of interest cap. This is the highest rate of interest that is allowed by your mortgage. Your actual rate of interest will never be adjusted above this rate.

Click on

**Calculate**, and the tool will display basic information about your mortgage, like the starting flexible monthly payment, the monthly or annual payments, the maximum payment, the total payments, and the total interest.

For example, let us check for the mortgage details for a mortgage amount of ₱500,000, a 30-year term, 10% rate of interest, a monthly amortization report, 50 months before the first adjustment, 10 months between adjustments, 1% expected adjustment and a 15% rate of interest cap.

After inputting all the above data in the calculator and pressing **Calculate**, the tool will do its work, and we’ll get ₱4,387.86 starting flexible monthly payment, ₱6,163.45 maximum payment, ₱2,094,344 total payments, and ₱1,594,344 total interest.

A mortgage calculator is an indispensable tool when you’re looking to finance a home purchase as it does the following:

**It helps you estimate your monthly mortgage payment or annual mortgage payment**. A mortgage calculator shows what your monthly mortgage payment could look like and is a crucial first step in the home buying process.

**It helps to show other factors in a home’s costs**. A good mortgage calculator includes both principal and interest and the extra costs associated with owning a home, such as property taxes, homeowners insurance policy, private mortgage insurance (PMI), and homeowners’ association fees. Knowing these additional costs can help determine a property price you can afford especially when you have to pay private mortgage insurance.

**It narrows your home search**. Monthly mortgage payment estimates are a great starting point for your home search; instead of spending time focusing on properties that are beyond your price range, you can focus on properties that match yours. In general, you should never buy a house outside your price range, but it’s just as unwise to buy too far outside your price range if it means that you’ll have to sell and buy again in a few years.

**It allows you to try out different scenarios**. A mortgage calculator allows you to easily change one or more parameters to see how they affect your monthly payment, mortgage interest, and the total cost of the loan; it’s a simple way to determine your optimal loan.

**It shows how different loan types compare**. To compare different loan types quickly, a calculator automatically performs the calculations. For example, a 30-year fixed-rate mortgage has a lower monthly payment but will ultimately cost you more in interest. A 15-year loan has a higher monthly payment, but you’ll pay less interest over the course of the loan or other private mortgage insurance.

The tool does not have any specific function apart from the currency (₱) and percentage sign (%), but some functions are worth explaining. They are:

**Home price**. This is the amount you expect to pay for a home.

**Down payment**. The down payment is the money you pay to the home’s seller. At least a 20 % down payment typically lets you avoid paying private mortgage insurance (PMI).

**Loan amount**. To calculate this number, you must subtract your down payment from the house’s value, and if you are refinancing, it will be the outstanding balance on your mortgage.

**Loan term**. This is the length (in years) of the mortgage you are considering. For example, if you are purchasing a home, you could take out a mortgage with a term of 30 years, which is the most common because it allows you to make a lower monthly payment by spreading the repayment period over three decades. On the other hand, a homeowner refinancing may choose a loan with a shorter repayment period, such as 15 years. This common mortgage term allows the borrower to save money by paying less total interest. Although 15-year mortgages have a monthly payment than 30-year mortgages, they still present a financial challenge for the average household budget, especially for first-time homebuyers.

**Interest rate**. Check the bank’s mortgage interest rates tables for your area to determine an estimated interest rate. Then plug it into the calculator once you have the rate (your real-life rate may differ depending on your overall financial and credit report).

**Loan start date**. Select the month, day, and year when your mortgage payments start.

You can use your computer keyboard to input the data where it should be in the calculator using the following steps:

Under the

**Home price**function, enter the price (if you’re buying) or the current value (if you’re refinancing) of the house.Under the

**Down payment**function, enter the amount of your down payment (if you’re buying) or the amount of equity you have (if you are refinancing). As stated earlier, a down payment is the amount of money you pay upfront for a home, and home equity is the home’s value minus what you already owe.Under the

**Interest rate**function, enter the rate. And then, under the**Loan term**function, click the plus and minus signs to adjust the length of the mortgage(in years) to what you want.Now enter your figures for annual tax, property taxes, homeowners insurance, and homeowners association fees under each of those functions.

Finally, click on

**Compare common loan types**to view a comparison of different loan terms. Click**Amortization**to see the principal balance. The principal and interest paid change year by year.

**It helps with budget planning**. A loan isn’t complete without a budget, but the tool can help determine whether your budget is large enough to purchase a house and, if so, at what price. This is important information that every potential property buyer needs to know, whether they are house-hunting or only evaluating their options. If the calculator says that you cannot afford a property, you can calculate how much of a mortgage you will need to save to get the home of your choice.

**It can save you money**. The terms of a mortgage are highly flexible, with different aspects at play. By examining different interest rates, mortgage rates, amortization, and deposit, you can find different solutions to your problem. One option may be more appealing than the others, allowing you to save money when arranging a mortgage.

**It helps you understand the mortgage process**. Knowing as much as possible about the mortgage process is useful, but it can be hard to grasp for many people. A mortgage calculator, however, helps you figure out how mortgages work and what criteria banks use. It is a valuable tool for anyone who wants to learn more about mortgages.

**It saves a lot of time and effort**. The calculator is a useful time-saving tool that enables people to quickly assess whether they are likely to receive a mortgage from the comfort of their own home, office, or anywhere they have an internet connection. This means that you don’t have to schedule a meeting with a mortgage broker until you are sure you will qualify for a mortgage.

Below are some of the examples of using this calculator to understand your mortgage loan in a better manner.

If a local developer is selling homes for ₱12,500,000 with a required larger down payment of 6%. Let’s see how we can find the amount of the required larger down payment and the mortgage.

Firstly, input the data into the calculator, it will now use the following steps:

Down payment = selling price x 6%

Down payment = 12500000 x 0.06

Down payment = 750000

Mortgage = selling price - down payment

Mortgage = 12500000 - 750000

Mortgage = 11750000

Therefore the down payment is ₱750,000, and the mortgage is ₱11,750,000.

Suppose you borrow ₱1,000,000 at 6% for 30 years, which is to be repaid monthly. What will be the total monthly payment?

Plug those numbers into the tool and it will now use the formula and these steps:

{1,000,000 x (0.06 / 12) x [1 + (0.06 / 12)^12(30) ]} / {[1 + (0.06 / 12)^12(30) ] - 1}

(1,000,000 x 0.005 x 6.022575) / 5.022575

30112.88 / 5.022575 = ₱5995.5

Let’s say you’re trying to purchase a ₱2,500,000 home by taking out a 30-year mortgage with a 20% down payment. The mortgage lender or the financial institution then offers you a rate of interest of 5% for the entire loan. Let’s follow the below steps to calculate this using the tool:

To calculate your total borrowed amount

**P**, you first of all subtract your 20% down payment from the ₱2,500,000 total home price. This gives you a total borrowed amount of ₱2,000,000. [P = ₱2,500,000 – (20% of ₱2,500,000) = ₱2,500,000 - ₱500,000 = ₱2,000,000].Next, to calculate your monthly interest rate, you must divide your annual interest rate, 5%, by 12 to obtain your monthly interest rate

**r**. But remember to convert your mortgage rate into decimals before you divide so that you don’t end up with a figure one hundred times higher than it should be. (I = 5% divided by 12 = 0.05/12 = 0.004167).Finally, obtain your total number of monthly payments

**N**by multiplying the total years in your loan (term) by 12. Since the loan in our example has a 30-year term, this comes out to 360 months. (N = 30 years X 12 months = 360).

So, the values are:

Principal, P = 2,000,000

Rate of interest, r = 0.004167

Number of periods, n = 360

Input the data in the calculator or substitute them into the original formula to solve for the total monthly payment, M, so that we get:

M = P [r (1 + r )^n ] / [ ( 1 + r )^n – 1]

M = 2,000,000 x [0.004167 (1 + 0.004167)^360] / [(1 + 0.004167)^360 – 1]

M = 2,000,000 x [0.004167 (1.004167 )^360] / [(1.004167 )^360 – 1]

M = 2,000,000 x [0.004167 x 4.468278] / [4.468278 – 1]

M = 2,000,000 x 0.018618 / 3.468278

M = 2,000,000 x 0.005368

M = ₱10,073.64