What is the Amortization Calculator?
The Amortization Calculator is accessible at the Property’s Details page to make it easier for sellers and buyers to compute for the monthly amortizations of a property with ease and convenience.
The basic computations follow the industry standard:
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Loanable Amount = Total Contract Price - Downpayment
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Monthly Amortization = Loanable Amount * Amortization Factor Rate
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Amortization Factor Rate = Monthly Interest Rate/1 - (1+Monthly Interest Rate)-Loan Payment Terms in Monthly
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The Amortization Calculator has default values that are also easily customizable for convenience. You can check the step-by-step instruction on how to customize your calculator here.
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The Suggested Monthly Income is based on the recommended 40% threshold of the gross monthly income to be allocated for property amortization, a standard practice in the industry to ensure the ability to pay for the monthly amortization comfortably.
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