Home Loan Calculator Definition
Our home loan calculator gets you started. If you're thinking about getting funds to buy the lot where you'll be building your house, money in constructing the house itself, or buying an already established house, then the first thing that comes to mind is where you're going to get it. After doing some research, you'll see how much you're gonna get depending on your monthly income and how much the interest will be. After that you're going to decide how long it's going to take for you to pay for the whole amount. Now, the biggest question is how much you're going to pay monthly. And that vital piece of info is what we'll provide you with using our home loan calculator.
Once you got all those details, all you have to do is put them in the fields below, click 'Button', and you'll be able to see how much you're monthly payments would be. You're monthly amortization is the combination of the amount you have to pay to reduce the principal loan amount (the amount you've loaned), and the interest per month.
Home Loan Calculator Explanation
Loan Amount - This is the amount a financial institution is willing to let you borrow. Most of the time it's being determined by your monthly income or your capacity to pay. In putting in the amount, please do not include any symbols like commas, or periods.
Rate of Interest - This information will be provided to you by the institution you'll borrow funds from. It's called APR or Annual Percentage Rate. In putting the interest rate, please do not include the percent sign (%).
Tenure(Years) - You'll usually be given options on how long do you need to pay the principal loan amount and the interest that comes along with it. Your home loan funds will be paid monthly so it may also come in months (60 months, 120 months, etc.). You just need to compute it manually and put it in the number of years it corresponds to.