New House

[rey752]

Hi! My family is planning to buy a new house via financing,my question is this: what bank kaya pinaka maliit interest? Currently we have an account sa East West,UCPB,Sterling and Metro.so sana one of those kase we already build a good relationship with them.thanks!

[dreamur]

I think BPI

[n_spinner06]

Try Apply For Housing Loan & Use Our Mortgage Rates Calculator.

You can put in loan amt and yung term and it will show you a list of banks and the interest rates they are charging...really good reference for a quick comparo. for a 1m loan for ex 1yr to pay, best is security bank at 5.25%. Extend it to 10yrs, bpi and security bank will give the lowest at 8%...

[CLAVEL3699]

25yrs pwede ba?

[CVT]

Try Apply For Housing Loan & Use Our Mortgage Rates Calculator.

You can put in loan amt and yung term and it will show you a list of banks and the interest rates they are charging...really good reference for a quick comparo. for a 1m loan for ex 1yr to pay, best is security bank at 5.25%. Extend it to 10yrs, bpi and security bank will give the lowest at 8%...

For a P1M loan for 10 years at 8% annual interest (tinubuan ka na ng 80% at pinaghati na lang for 120 months)

(P1M x (1+10*0.08)) /120 = P15,000 a month.

So, effectively,- you paid P1.8M in 10 years


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

[jut703]

For a P1M loan for 10 years at 8% annual interest (tinubuan ka na ng 80% at pinaghati na lang for 120 months)

(P1M x (1+10*0.08)) /120 = P15,000 a month.

So, effectively,- you paid P1.8M in 10 years


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

Bro, total payout for a 10-yr 1M loan at 8% is actually just P1,455,931, with monthly payments of P12k.

[lsalapare]

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe

Bro, total payout for a 10-yr 1M loan at 8% is actually just P1,455,931, with monthly payments of P12k.

- - - - - - - - - - - - - - - - - - - - - -

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe

Bro, total payout for a 10-yr 1M loan at 8% is actually just P1,455,931, with monthly payments of P12k.

[lsalapare]

I stand corrected. It looks like housing loan has different calculations compared to my excel file. Computed my existing housing loan and there's a huge variance when using a simple calculator versus the housing loan calculator.

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe



- - - - - - - - - - - - - - - - - - - - - -

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe

- - - - - - - - - - - - - - - - - - - - - -

I stand corrected. It looks like housing loan has different calculations compared to my excel file. Computed my existing housing loan and there's a huge variance when using a simple calculator versus the housing loan calculator.

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe



- - - - - - - - - - - - - - - - - - - - - -

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe

[keithdb]

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe



- - - - - - - - - - - - - - - - - - - - - -

I beg to disagree with the calculator you used sir.

8% times 10 = 80%
80% of 1 million is 800,000 <=== tubo ng bank
1 million value ng house + tubo ng bank = 1,800,000

#value #error

Assuming na no down payment yang 1 million na loan. hehehe

Tama si Jut. Compounded yearly dapat ang calculation. Hinde direct na 80%.

[CVT]

Bro, total payout for a 10-yr 1M loan at 8% is actually just P1,455,931, with monthly payments of P12k.

Sana nga bro.- at iyan ang tamang accounting talaga,- Pero iba ang lokal na bangko e....

Ilalagay nila ang lahat ng tubo sa unahan kaya nga 8% x 10 years kaagad.

At, idi-divide ng number of months for the monthly amortization.


Dapat nga base sa declining balance, dahil as you pay, dapat bumababa ang principal -

Kaso nga hindi e....

Ang dami ko nang nakatalong taga bangko riyan,-dahil sa loan sa kotse...

Sabi nila 5% annual so for a loan of 5 years 25% kaagad ang tubo nila sa P1M so monthly amortization ay = 1.25 xP1M/60 = P20.8K

Pero sa bahay,- wala akong experience...

Tignan na lang natin ang makukuhang deal sa bangko niya... Not here to argue on the computation,- just based on my previous car loan experience....


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

[shadow]

Sana nga bro.- at iyan ang tamang accounting talaga,- Pero iba ang lokal na bangko e....

Ilalagay nila ang lahat ng tubo sa unahan kaya nga 8% x 10 years kaagad.

At, idi-divide ng number of months for the monthly amortization.


Dapat nga base sa declining balance, dahil as you pay, dapat bumababa ang principal -

Kaso nga hindi e....

Ang dami ko nang nakatalong taga bangko riyan,-dahil sa loan sa kotse...

Sabi nila 5% annual so for a loan of 5 years 25% kaagad ang tubo nila sa P1M so monthly amortization ay = 1.25 xP1M/60 = P20.8K

Pero sa bahay,- wala akong experience...

Tignan na lang natin ang makukuhang deal sa bangko niya... Not here to argue on the computation,- just based on my previous car loan experience....


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

I think you're right. Yun schedule na ibibigay ng bank sobrang laki ng percentage ng interest rate compare sa hulog mo for, it's not as straight computation Na divide lang Yun interest amount Sa duration ng loan

[CVT]

Bro, total payout for a 10-yr 1M loan at 8% is actually just P1,455,931, with monthly payments of P12k.

Bro.jut pasensiya ka na ha?...

Labs ko lang talaga ang engg economy na subject namin sa college dahil inspired ako ng titser na si mrs. tapia.... totoo,- mrs. tapia siya... Pero the best talaga!!!

Heto ang basis ng computation ng financial calculator/ excel file....

Amortization = P*(1+i)^n/ [ ((1+i)^n-1)/i) ]

where i=8%/12 - since amortization is monthly and 8% is effective annual interest rate
n - number of amortization period is 120
P- principal

A=1,000,000*(1+0.0067)^120 / [((1+.0067)^120-1)/0.0067)]

= P12132 per month

Iyan ang tamang computation...

Kaso nga swapang ang mga bangko...


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

[lsalapare]

Most likely yes. Now do the math for those pipz who's got a housing loan payable in 25 - 30 years.

*TS, I'd recommend foreclosed properties. Cheaper in value but of the same quality houses since you mentioned that you need to buy a "new house" but not "brand new house"

For a P1M loan for 10 years at 8% annual interest (tinubuan ka na ng 80% at pinaghati na lang for 120 months)

(P1M x (1+10*0.08)) /120 = P15,000 a month.

So, effectively,- you paid P1.8M in 10 years


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

- - - - - - - - - - - - - - - - - - - - - -

Most likely yes. Now do the math for those pipz who's got a housing loan payable in 25 - 30 years.

*TS, I'd recommend foreclosed properties. Cheaper in value but of the same quality houses since you mentioned that you need to buy a "new house" but not "brand new house"

For a P1M loan for 10 years at 8% annual interest (tinubuan ka na ng 80% at pinaghati na lang for 120 months)

(P1M x (1+10*0.08)) /120 = P15,000 a month.

So, effectively,- you paid P1.8M in 10 years


"The measure of a man is what he does with power" LJIOHF!

27.4K _/_/_/_/_/:burn:_/_/_/_/_/

[_Cathy_]

Natalo ng Pisay ang St Andrew's sa Math :peace:

[jut703]

Bro, ang function sa pagcompute ng loan payment sa Excel is: pmt(0.08/12, 120, 1000000,0,0) to get the monthly payments. Multiply by 120 to get total payment amount.

This applies to any loan - housing, car, etc.

[jut703]

For my car plan before with my old company, our rate was 6.5% for 6 years (RCBC), tapos 985k ang loan amount. Ang equivalent monthly deductible is 16,557, which is the same as what I computed.

Ewan ko lang kung ano magiging loan terms dun sa property na kinuha ko, I asked for the computation already (6.75% for 5 years), and tugma naman dun sa computation ko. I dunno how it'll be once I actually avail of the loan in 3 years' time.

[NightRock]

pag na iisip ko talaga grabe mag patubo ang bangko pero pag ikaw nag pasok ng pera sa kanila sobrang liit ng interest..Once lang ako nag car loan. ngayon talaga I avoid na umutang mag tiis nalang mag ipon

[vinj]

Keep in mind that consumer loans (housing and auto) utilize "add-on rate" and you actually pay more for interest during the first few years of your loan, and principal gets chunked off more towards the end of the loan life. There's an amortization factor table for that and you can ask your account officer for guidance on this.

As for the loan; ask your banker for a computation with rates fixed for 1 year to 5 years. I would recommend you lock in your interest rate for 3-5 years if possible. The one year rate offering of some banks may be low then they might hit you back when the rate is adjusted the next year and now, projections of interest rates are upwards so now is the best time to lock in.

[CVT]

Went to this website bpi car and auto loans and confirmed that they have a different way of computing for the monthly amortization

Home

For car loans,- they would multiply the %interest by the number of years and comprehend this number upfront with the principal and divide this by the number of months (amortization period)... Expensive!

For housing loans,- they would use the financial calculator /excel file ; while using the first year interest rate - for the sake of computation... There will be a difference if you lock it for x number of years,- but not that significant..... More or less fair,- but then again,- banks would charge you so much for the processing fees, I think..... They have to make money somewhere.

My thinking for the difference in the schemes and the computations ,- the car moves and depreciates,- while the property is steadfast and it appreciates,- just in case you defaulted on your payment - so do not make this happen.... Bottomline,- it is the bank exposure that counts....

You can check it out,- significant difference in the numbers....

Interesting!


"The measure of a man is what he does with power" LJIOHF!

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