What is a Mortgage Payment?
A mortgage payment is the total amount of principal and interest that a home buyer must repay to the bank each month. The payment amount is primarily determined by the loan principal, interest rate, and repayment term.
How to Use This Calculator?
Drag the slider to select your loan amount, enter the current annual interest rate (typically between 3.5%-5.5%), and the calculator will instantly display your estimated monthly payment.
Calculation Formula
Simplified Monthly Payment = Loan Amount × Monthly Interest Rate
Note: This calculator provides quick estimates. Actual monthly payments also depend on repayment method (equal principal & interest / equal principal) and loan term.
Factors Affecting Mortgage Payments
- Loan Amount: Total purchase price minus down payment
- Interest Rate: Central bank base rate plus bank's floating percentage
- Loan Term: Common terms are 10, 20, or 30 years
- Repayment Method: Equal principal & interest or equal principal
Home Loan Advice
It's generally recommended that monthly payments should not exceed 40-50% of household monthly income to maintain quality of life. Before purchasing, thoroughly compare interest rates from different banks and choose the most favorable loan option.