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Home loan calculator online in the Philippines in 2022. How to figure out a home loan yourself?

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Fill out an application for a home loan!

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

A home loan is a secured loan obtained by offering the property about to be bought as the loan collateral, and it could also be called a mortgage. Home loans provide high-quality funding at favorable interest rates and long-term. They are repaid through equated monthly installments (EMIs), and the homeownership title is transferred to the borrower after repayment. If the borrower cannot pay the dues, the lender has the legal right to collect on the outstanding loan by putting the house up for sale.

Like with any other loan, several factors need to be considered before requesting a home loan, including the question: **how will the loan be repaid?** After all the other requirements have been met, you are probably ready to apply for a home loan. To answer that question, however, you need to know how much you would need to pay after interest and other applicable fees. A calculator is so important because it can tell you how much you'd need to pay in a given time.

Home loan or mortgage calculators are computer programs that allow users to calculate the financial implications of changes in one or more variables in a mortgage financing arrangement. Consumers use them to calculate the monthly payment, while mortgage providers use them to assess a home loan applicant's financial ability. Principal balance, periodic compound interest rate, number of payments per year, the total number, and regular payment amount are all important variables in a home loan calculation. More complex calculators can consider other mortgage-related costs, such as local and state taxes and insurance.

Nowadays, most financial institutions offering home loans have a free calculator on their website, so you can visit and use it. If they don't, you can still use the online software by simply googling it to calculate the loan amount, entering your details in the different fields, and then pressing **Calculate**. Your figures will be ready in a second or two.

The math behind mortgage payments is complex, but the calculator makes this math problem simple and convenient. First, enter your home's price (if you are buying) or current value (if you are refinancing) in the box labeled **Home price**. In the **Down payment** section, type the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing). A down payment is cash you pay upfront for a home, and home equity is the value of the home reduced by what you owe. You can either enter a Philippine peso amount or a purchase price ratio as a down payment. Next, select** Length of loan**, **Loan term**, or **Term of loan**, as the case may be. Choose the term, usually 30 years, but it could be 20, 15, or 10 years, and the calculator imposes the repayment schedule you choose. In the **Interest rate** field, enter the rate you expect to pay; the calculator defaults to the current average rate, but you can adjust the ratio. A new figure appears to the right as you enter your loan amount and the corresponding principal and interest.

Principal and interest make up the majority of your mortgage payments. The principal is the amount you borrowed, while the interest is the amount you owe the lender for borrowing it. Your lender could also get a small extra amount to place in escrow every month. This extra sum is paid directly to the local home tax collector and your insurance provider by the lender (or servicer).

**Principal**. The principal is the amount you borrowed from the lender, in other words, the cost of the home you're about to purchase.**Interest rate.**The lender (the bank or any other financial institution ) charges you this amount for lending you the money. Current interest rates are expressed as an annual percentage rate.**Property taxes.**If you have an escrow account, you pay one-twelfth of your annual tax bill with each mortgage payment if your home is subject to a property tax.**Homeowners insurance.**Your insurance will cover property damage and financial losses caused by fire, storms, burglary, a tree falling on your house, and other hazards. If you live in an area easily affected by natural disasters, you will have an additional policy. The lender or servicer pays the premium when it is due, just like property taxes.**Mortgage insurance**. If your down payment is less than 20% of the home's purchase price, you may be charged for mortgage insurance, which is added to your monthly payment.

If you want to figure out how much your monthly mortgage payment will be, that is for the mathematically inclined, here's a formula to help you calculate remittance manually, the one the calculator uses too: M = P [r (1 + r)^n / (1 + r)^n - 1]

**Where**:

M = total EMI

P = the principal amount

r = interest rate. Lenders often provide you with an annual rate, but some calculators display theirs in months, so you'll need to divide that figure by 12, which is the number of months in a year to get the monthly rate. For instance, if your interest rate is 10%, your monthly rate would be 0.00833333 (10/100/12=0.00833333).

n = number of remittances over the loan period. Multiply the number of years in your term by 12, i.e., the number of months in a year, to get the number of payments for your loan. For instance, a 20-year fixed mortgage would have 240 payments (20x12=240).

Let's make things more clear with this example. Mr. A borrowed a home loan amount of ₱2,600,000 from a reputed financial institution. The rate of interest associated with the loan stands at 6.55% per annum. The tenure of the loan is 30 years. Firstly, we visit the calculator website and input the given data into the calculator like this:

M =?

P = 2600000

r = 6.55% = 0.0655

n = 30 years

The tool will now compute the monthly payments using the formula; M = P [r ( 1 + r)^n / ( 1 + r)^n - 1]

**Substituting**:

M = 2600000 [0.0655(1+0.0655)^30 / (1+0.0655)^30 - 1]

M = 2600000 [0.0655 (6.7082) / (6.7082) - 1]

M = 2600000 (0.4394 / 5.7082)

M = 2600000 (0.07698)

M = 200148

Monthly payment = 200148 / 12 = ₱16,679

The difference between an aspirant and their new home has been shortened with home loans so that what used to be too expensive is now within reach of the average Filipino. To repay your home loan EMIs, you must allocate your monthly income in a way that does not disrupt your lifestyle. With the help of home loan calculators, you can gain a complete picture of your housing needs, from your eligibility to what your monthly EMI will be like to knowing your balance transfer. Here are some types of home loan calculators that may be of benefit to you:

The home loan EMI calculator is the basic calculator, and it is an online tool that will help you calculate the amount of money you will have to put away every month for loan repayments in advance. A clear understanding of the amount you will be required to put away each month will allow you to make better-informed decisions. To calculate your home loan EMI, enter your loan amount, home loan rate of interest, and the term to get a quote.

For instance, assuming someone wants to purchase a house worth ₱5,000,000, they can only afford half that amount, so they must get a loan to cover the rest of the payment. The term is 15 years, and the financial institution gives the loan at a 4% interest rate. Now let's input this data into a home loan EMI calculator and see what will be their EMI.

Home price = 5000000

Down payment = 2500000

M = ?

n = 15

r = 4%

We will get the following information:

Principal & interest = ₱18,492

Property tax = ₱3,292

Homeowner's insurance = ₱66

EMI = ₱21,850. So, their EMI will be ₱18,492/month and ₱21,850 after taxes and insurance.

The eligibility calculator is an online calculator that allows you to determine your home loan eligibility based on different variables, such as your annual income, current age, credit score, credit history, fixed monthly financial obligations, retirement age, and others. For a home loan eligibility determination, you must enter your monthly income, the rate of interest, the term, and any previous EMIs. The tool will now let you know if you are eligible for the loan or not.

Although the eligibility criteria for home loans are the same across all banks and non-banking financial companies that the Bangko Sentral ng Pilipinas regulate, each lender may have criteria based on specific circumstances. Assuming that you have learned about the criteria for being eligible for a home loan, the application process becomes smoother and simpler for you.

The balance transfer top-up calculator provides you with a complete picture of your financial situation and what you can save by transferring your home loan balance from your current mortgage lender to a new one that better suits your needs. For example, enter the requested home loan amount, tenure, net salary, monthly obligation, cost of the property, remaining loan principal, and existing EMI in the balance transfer top-up calculator to find your balance transfer amount.

When planning your housing budget, it's important to calculate your monthly amortization — it will likely be your largest recurring expense. The tool gives you an idea of your mortgage payment when you shop for a purchase loan or a refinance. To evaluate different scenarios, change the input information into the calculator, then the calculator will help you decide:

**The loan length that is right for you**. If your budget is fixed, a 30-year fixed-rate mortgage is likely the best option as it comes with lower monthly payments, even though you may pay more interest throughout the loan. A 15-year fixed-rate mortgage can reduce your overall interest charge if you have room in your budget, but your EMI will be higher.**If you're spending more than you should**. The tool provides an overview of how much you will be expected to pay each month, including taxes and insurance.**If an ARM is a good option**. As rates rise, it may be tempting to look into an adjustable-rate mortgage (ARM) since the initial rates of interest for ARMs are usually lower than those of their conventional counterparts. A 5/6 ARM — which has a fixed rate for five years before switching to a variable rate every six months — might be the right choice for someone who plans on staying in their home for just a few years. However, remember how much your EMI could change when the introductory rate expires.

There are many advantages of using the home loan EMI calculating tool. Some of them are:

**It is easy to use**. It is only necessary to enter the amount, rate of interest, application fee, processing fee, if applicable, and tenure; no complicated calculations or complicated mathematics are required. All the hard work would be taken care of by the tool.**It helps to get the breakdown of the finance charges**. This calculator helps you understand your EMI financial charges, such as the total interest payable and application fee value. Since banks and financial institutions charge them as a ratio of the amount, knowing the real amount can help you understand the cost of the loan.**It provides home loans comparison**. Using the calculator, you can compare loan offers from various banks. So far, they are regulated by the Bangko Sentral ng Pilipinas, and the results will show you the total cost of each loan along with its EMIs. This will help narrow your search for the most viable option.**It helps in verifying information**. If you are negotiating a housing loan deal with a bank, you can verify the repayment schedule; the repayment table information from the calculator may be helpful in this regard. It would help if you kept in mind that the figures may change from time to time as lenders may also include certain other fees in their EMI calculation.**It helps in choosing the right tenure**. The tool helps you decide on the best loan tenure. If you can afford to pay a higher EMI, you can opt for a shorter loan term and pay off your loan as soon as possible. Otherwise, you could pay a more comfortable EMI and extend your loan period.**It checks your loan eligibility**. Since the home loan eligibility calculator requires a lot of information (income, credit rating, etc.), it also tells you whether or not you are eligible for a home loan. You can save a lot of time by determining whether you are eligible or not before going on to apply for a loan.

Since you only have to input all your data in digits, there are not too many special functions in a home loan calculator. Apart from the Philippine peso and the percentage symbols, everything is pretty straightforward. But here are some terms that are worth explaining a bit:

**Home loan amortization schedule.**The home loan amortization schedule records your loan remittance, which lists principal and interest rates for each payment. It shows all remittances until the end of the term of the loan period.**Down payment**. This is the total purchase price and represents the portion of the purchase price the borrower pays out of pocket, which is normally a ratio of the total worth. A 20% down payment is common, although borrowers may only need to put down 3% in some cases. Those with less than 20% down payment must buy private mortgage insurance (PMI) or hold this policy until the mortgage loan balance falls below 80% of the home's original purchase price. The higher the down payment, the faster the rate of interest, and the more likely the loan will be approved is a general rule of thumb.**Loan amount**. The amount borrowed from a lender, bank, or financial institution in a mortgage equates to the purchase price minus any down payment made or about to be made.**Loan terms.**The home loan terms in all the information about the loan include the principal amount, the rate of interest, the loan term, etc. People often get confused between this and the loan term.**Loan term**. The loan term is the maximum time it takes to repay the loan in full. The average fixed-rate mortgage has a 15, 20, or 30-year term. A shorter time, such as 15 or 20 years, comes with a lower interest rate.

Borrowers or lenders can use this tool to calculate a home loan they are about to take or give out. A borrower can calculate the estimated EMI of the money they borrow or are about to borrow, the total interest paid or about to be paid, and other costs they will be paying for the loan. Below are some of the examples for home loan calculations

Assuming Mrs. D is planning on buying a home but is not sure if she will be eligible or not, she uses an eligibility calculator in a bid to check for her eligibility. Her monthly income is ₱50,100, her preferred loan tenure will be 30 years, a 4.45% rate, and she already has outstanding balance EMIs worth ₱10,800 on her existing loan. When we input this data into the eligibility calculator, we get:

Maximum EMI = ₱14,250

Maximum loan amount = ₱28,28,960

From the above data, Mrs. D is eligible to get loans up to ₱28,28,960.

Let's see how much it will cost if someone is trying to borrow money from a financial institution to buy a ₱4,000,000 home with a 20% down payment, a 20% interest rate, and a 20-year term.

Firstly, you enter your data in the spaces provided in the calculator, including your home insurance amount of let's say ₱1,500, property tax of 1%, and other costs amounting up to ₱4,000, and then click on the **Calculate **button. We will get:

Purchase price = ₱ 4,000,000.00

Down payment = ₱ 800,000.00

Principal = ₱ 3,200,000.00

Term = 20 Year(s) / 240 months

rate of interest = 6.5%

EMI = ₱ 23,858.00

**For example, a** man borrows ₱5.55m as a housing loan at 12% interest for 30 years. What will be his EMI for the loan?

M = ?

P = 5,550,000

r = 12% = 12/100 = 0.12

n = 30

Placing the values in the calculator formula; M = P [r (1 + r)^n / (1 + r)^n - 1], we get

M = 5550000 [0.12 x (1 + 0.12)^30] / [(1 + 0.12)^30 -1]

M = 5550000 [0.12 x (1.12)^30] / [(1.12)^30 -1]

M = 5550000 (0.12 x 29.9599) / (29.9599 - 1)

M = 5550000 x 3.5952 / 28.9599

M = 19953308.1325 / 28.9599

M = 688997.825701 yearly payment

M = 688997.825701 /12 monthly amortization

EMI = ₱57,416.48

As you can see from the above example, the calculations tend to be complex and time-consuming. So, using a home loan calculator helps you do away with this difficult and time-wasting process, which is why most borrowers tend to take advantage of the tool.