Home Loan Calculator

This Home Loan Calculator is brought to you by LoanThru.com. It’s a free and user-friendly Home Loan Calculator to estimate the total loan interest and monthly repayment amount. This calculator uses Monthly Reducing interest calculation method and it allows you to choose the loan term & interest rate so that you can see the difference between the loan products.

NOTE: This calculator assumes a fixed interest rate and uses the 30/360 day count convention to compute the total interest amount and monthly repayment figures. The result generated by this calculator is for reference purposes only, maybe slightly different from some financial institutions due to miscellaneous charges, interest computation & unforeseen circumstances.

Loan Amount ($)

Monthly Payments

$ 2,147.29

www.loanthru.com

Term (months)

Interest Rate per annum (%)

Interest calculation method

Amortization schedule


Amortization Schedule


YEAR # PAYMENT ( p + i ) PRINCIPAL ( p ) INTEREST ( i ) BALANCE
1 25,767.44 5,901.46 19,865.98 394,098.54
2 25,767.44 6,203.39 19,564.05 387,895.15
3 25,767.44 6,520.77 19,246.67 381,374.38
4 25,767.44 6,854.38 18,913.05 374,520.00
5 25,767.44 7,205.07 18,562.37 367,314.93
6 25,767.44 7,573.69 18,193.75 359,741.24
7 25,767.44 7,961.18 17,806.26 351,780.06
8 25,767.44 8,368.49 17,398.95 343,411.58
9 25,767.44 8,796.63 16,970.81 334,614.94
10 25,767.44 9,246.68 16,520.75 325,368.26
11 25,767.44 9,719.76 16,047.67 315,648.50
12 25,767.44 10,217.04 15,550.39 305,431.45
13 25,767.44 10,739.77 15,027.67 294,691.68
14 25,767.44 11,289.23 14,478.20 283,402.45
15 25,767.44 11,866.81 13,900.62 271,535.63
16 25,767.44 12,473.94 13,293.50 259,061.69
17 25,767.44 13,112.13 12,655.31 245,949.56
18 25,767.44 13,782.97 11,984.46 232,166.59
19 25,767.44 14,488.14 11,279.30 217,678.45
20 25,767.44 15,229.38 10,538.06 202,449.07
21 25,767.44 16,008.54 9,758.90 186,440.53
22 25,767.44 16,827.57 8,939.87 169,612.96
23 25,767.44 17,688.50 8,078.94 151,924.46
24 25,767.44 18,593.48 7,173.96 133,330.98
25 25,767.44 19,544.75 6,222.68 113,786.23
26 25,767.44 20,544.70 5,222.74 93,241.53
27 25,767.44 21,595.81 4,171.63 71,645.72
28 25,767.44 22,700.69 3,066.75 48,945.03
29 25,767.44 23,862.10 1,905.34 25,082.93
30 25,767.44 25,082.93 684.51 -0.00

What is a Home Loan?

Home Loan is a Mortgage Loan also known as Secured Loan that is given to a borrower to buy a house. Usually, it is a long-term contract, ranging from 10-40 years. The asset or property will be pledged as collateral to the lender, that is the reason why it is known as secured loan. Interest Rate can be Fixed Rate, Variable Rate or Tier rate. The interest computation method adopted for Home Loan is Reducing Balance (or Rest Method). It can be daily, weekly, monthly, quarterly, half-yearly or yearly reducing; but the most common one for Home Loan is the Monthly Reducing method. The repayment is payable in monthly basis by fixed payment amount.

How to get the best Home Loan?

There are various types of Home Loan products in the market offering different interest rates and using different interest calculation methods. If you apply for a home loan from all available lenders, negotiate with them and compare the packages they offer, then you are most likely to get the best deal. Basically, the best home loan is the combination of minimum total interest and the minimum miscellaneous fees:

BEST HOME LOAN = MINIMUM( TOTAL INTEREST + MISCELLANEOUS FEES )

Use our free Home Loan Calculator to estimate the total interest amount, and always check with the lender or go online to do some research for the miscellaneous fees (or hidden costs) such as stamp duty, insurance fees, legal fees, and etc.