Home
Back
Loan Payment Formula:
| From: | To: |
The PMT formula calculates fixed monthly payments for a house loan (mortgage) in Malaysia, accounting for principal amount, interest rate, and loan term. It's the standard calculation used by Malaysian banks like Maybank, CIMB, and Public Bank.
The calculator uses the PMT formula:
Where:
Example: For a MYR 500,000 loan at 2.88% p.a. over 30 years (360 months), the monthly payment would be MYR 2,075.51.
Details: Understanding your monthly payments helps with financial planning and comparing different loan offers. In Malaysia for 2024, interest rates typically range from 2.88% to 4.5% depending on the bank and loan type.
Tips: Enter the principal amount in MYR, annual interest rate (like Maybank's 2.88%), and loan term in years. The calculator will show monthly payment, total repayment, and total interest.
Q1: What is the current interest rate in Malaysia 2024?
A: Rates vary by bank, typically 2.88%-4.5%. Maybank offers around 2.88%, while other banks may have different rates.
Q2: How does loan term affect payments?
A: Longer terms reduce monthly payments but increase total interest paid. A 30-year loan will have lower monthly payments than a 20-year loan but cost more overall.
Q3: Are there other costs besides principal and interest?
A: Yes, Malaysian home loans typically include MRTA insurance, legal fees, and stamp duty, which aren't included in this calculation.
Q4: What's the difference between fixed and variable rates?
A: Fixed rates stay constant for a set period while variable rates may change with OPR adjustments by Bank Negara Malaysia.
Q5: How accurate is this calculator?
A: It provides standard installment calculations but actual bank offers may include slight variations or different fee structures.