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Home loan calculator

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

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The best home loan calculator
Home loan amount
i

The amount you want to receive

PHP
PHP
100000 ₱
50000000 ₱
Loan term
i

Specify the desired length of the home loan

years
months
1
30
Interest rate
i

Choose the interest rate on the home loan

1 %
50 %
Type of payments
i

Specify the type of payment for calculating

Fill out an application for a home loan!
Fill out an application for a home loan!

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

Home loan calculator

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. 

What is a home loan calculator?

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.

How does a home loan calculator work?

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 loanLoan 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.

Attention! The calculator also estimates home taxes, homeowners insurance, and homeowners association fees, which you can change or ignore as you shop for a loan because these fees might be included in your escrow payment. Still, they won't affect your principal and interest as you research your options.

Typical costs that are included in a home loan payment.

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).

Home loan payment formula

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:

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:

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

Substituting:

Types of home loan calculators

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:

EMI calculator

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.

We will get the following information:

Eligibility calculator

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

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.

How can you use a home loan calculator?

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:

What are the benefits of using a home loan calculator?

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

Functions of a home loan calculator

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:

Example of calculations using a home loan calculator

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

Example 1

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:

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

Example 2

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:

How to perform complex calculations using a home loan calculator

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?

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.