Customers can use a housing loan calculator on the BDO website to determine the amount they are to borrow. The users are required to input information in the appropriate areas of the application, such as the selling price of the property, loan amount, monthly income, and desired monthly payout. As an output, the total loan amount, downpayment, and the monthly payment will be automatically displayed on the screen.
What is the BDO housing loan calculator?
The BDO housing loan calculator is a free tool made available by the bank to help its clients determine the size of the mortgage they want to take out. This tool can be used to determine how much loan a user will need to purchase a home. Users can verify their needs by altering the inputs they have given the calculator. With the help of this calculator, a number of outcomes are produced.
How does the BDO housing loan calculator work?
The services of this tool can be utilized to explore the home loan amount. You could figure out the total amount of money the bank will provide you by changing the values of the different fields. The BDO housing loan calculator is user-friendly. In this tool, you need to input any one piece of data from the options provided; the rest of the work will be done by the calculator itself. The steps to be followed are as below:
Visit the BDO website.
On the left side of the page, you will find a Personal tab.
Click Loans in the Personal tab, and select Loan calculator from the list.
You will find three options on the welcome page of the BDO loan calculator.
Click on the Home loan option.
Scroll down a little, and you will find the calculator.
Enter any of the following inputs: property selling price, monthly income, loan amount, and desired monthly payment.
The calculator would display a detailed result for you immediately.
BDO housing loan calculator inputs
Users are required to provide input in the relevant areas of the calculator to estimate their monthly payments to the bank. Any one of the following items is required by the BDO housing loan calculator:
Property selling price. This refers to the price at which a house is available for sale.
Loan amount. This can be explained as the amount the user wishes to seek from the bank. This amount does not include any other charges like processing fees, interest, etc.
Monthly income. This refers to the amount you are earning each month. This is essential to determining your loan eligibility as the bank checks whether you will be able to repay the loan or not after meeting your important needs.
Desired monthly payment. This refers to the amount you would like to pay towards your EMI. Your loan eligibility would mainly depend on this factor.
Interest rate. This refers to the rate of interest which you have to pay as an interest to the bank on the borrowed amount.
BDO housing loan calculator outputs
The outputs are the results of the user data analysis by the calculator. The following values are displayed on the screen after the processing:
Property selling price. This is the same as fed by the user, or it can be calculated based on their input.
Downpayment. This refers to the money you desire to provide by yourself. By default, the bank has fixed it at 20%.
Loan amount. This is similar to the data provided by the user in the input section, or it can be calculated based on the analysis of the user’s data.
Loan term. It is the availability of time in years for you to repay the debt. The bank has fixed the rate at 5, 10, 15, and 20 years, respectively. As mentioned earlier, you will get four different scenarios based on the tenure and can compare them on the screen.
Monthly amortization. This refers to a payment of an amount equal to the outstanding amount to be paid in monthly installments.
Monthly income. This refers to the value provided in the input section. The bank displays a value representing the monthly earnings for a specific borrowed amount.
Functions of BDO housing loan calculator
The BDO housing loan calculator is easy to use, and no unique functions are required to be learned. Some functions used in the calculator are as follows:
Addition. Addition can be described as the procedure of estimating the sum of two or more numbers. This function evaluates the monthly payment to be made by the user by adding principal and interest amounts (P+I).
Subtraction. Subtraction can be defined as the process of reducing the total by removing a part from a quantity. For example, for estimating the loan amount in this calculator, the downpayment is diminished from the asking price of the home price (DP-AP).
Percentage. A percentage represents a one-hundredth part of any quantity. The user’s monthly payment is calculated using this function in the calculator. For example, 2% of ₱1000 equals ₱20 (2/100 x ₱1000).
Raise to power. It is defined as exponentiation to a given power. Power means multiplying the quantity the same number of times as provided. This calculator uses this function to evaluate a function whose power is raised to that of the loan term [(1+r)^T].
