You might be here in this article because you would like to know the table for a Pag-IBIG Housing Loan Monthly Amortization. Well, unfortunately Pag-IBIG has no reference for a table you are looking for, but they provide a Pag-IBIG Loan Calculator to help you calculate more easier when planning to loan from the Fund.
In this article, we will exactly show you how you can calculate your Pag-IBIG Housing Loan Monthly Amortization and share a Google Sheet we created where you can see the whole picture of the Monthly Amortization Table which you are looking for. Make sure to read this article about Pag-IBIG Housing Loan Computation. This article explains how Terms of Payment and Interest Rates are used in calculating your Monthly Amortization.
Every year, the Pag-IBIG update its table for a flexible and affordable payment schemes. This 2019, the Pag-IBIG Housing Loan Interest Rates based on Fixed Pricing Period is:
So how you should be able to calculate for your Monthly Amortization?
For example, you are applying for a loan worth Php 300,000. And you would like to lock-in the interest rates to 3 Years which has 6.375% and you would like to pay for it for 5 years.
So first let’s convert 5 years to months:
5 years x 12 months = 60 months
Simply explain that there are 60 months in 5 years.
Then, let’s multiply the Loan Amount (Php 300,000) and the Interest Rate (6.375%).
Php 300,000 x (0.06375) = 19,125
So, the Interest Amount is Php 19,125.
Then, let’s add the Loan Amount (Php 300,000) and the Interest Amount (Php 19,125).
Php 300,000 + Php 19,125 = Php 319,125
So, the Total Loan Amount with Interest would be Php 319,125.
Then we need to divide the Total Loan Amount (Php 319,125) and the chosen Terms of Payment which is 5 years (60 months)
Php 319,125 / 60 months = Php 5,318.75
The Php 5,318.75 is the Monthly Amortization that you will be paying for the first 3 years since you have chosen to lock-in the interest for 3 years. The 4th to 5th year will depend on the updated Interest Rate on that specific year. It could be higher, or it could be lower depending on the market value.
In case, you would like to see and compare the Monthly Amortization depending on the Terms of Payment and Interest Rate as a whole, you can use this table we created to automatically compute depending on your Loan Amount.
I hope this article able to help you calculate your Monthly Amortization when you apply for a Pag-IBIG Housing Loan.
Interested to get a Pag-IBIG Housing Loan?
Read our complete Step-by-Step Guide to Pag-IBIG Housing Loan Application [Updated]