Housing Loan Calculator

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Definition of Terms on the Housing loan Loan Calculator

Amount of loan

The amount of money you want to borrow. This can be the total purchase price of the property less the downpayment required by the bank.

Tenor

Also known as Mortgage Term. This is the length of time you are considering to pay the loan or the length of time until a loan is due. This is usually expressed in months or years.

Estimated Monthly Installment

Amount of equal payment to be paid every month for the duration of the loan to pay off both interest and principal each month so that over a specified time the loan is paid in full

Estimated Total Payment

Total cash out to be made on the Loan over the specified period of time consisting of Loan principal and total Interest.

Estimated Total Payment

Total cash out to be made on the Loan over the specified period of time consisting of Loan principal and total Interest.

Effective Interest Rate

The rate at simple interest which would yield in one year the same amount as the actual rate at compound interest. A measure of the time value of money that fully reflects the effects of compounding.

If you are in search for a housing loan with lowest interest rate, eCompareMo can definitely help. Our comparison tool carries the most comprehensive information about applying for a home loan in the Philippines.