House Loan Calculator Maybank

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (PMT):

Total Payment:

Total Interest:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is the House Loan Payment Formula?

The house loan payment formula calculates the fixed monthly payment required to repay a loan over a specified term. This is the standard formula used by Maybank and other financial institutions in Malaysia for home loan calculations.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (MYR)
\( r \) — Monthly interest rate (annual rate divided by 12)
\( n \) — Total number of monthly payments (loan term in years × 12)
\( PMT \) — Fixed monthly payment amount (MYR)

Explanation: The formula accounts for compound interest over the life of the loan, calculating a fixed payment that covers both principal and interest each month.

3. Importance of Loan Calculation

Details: Understanding your monthly payment helps with budgeting and financial planning. It allows you to compare different loan options and terms to find the most suitable mortgage for your needs.

4. Using the Calculator

Tips: Enter the principal amount in MYR, annual interest rate as a percentage (e.g., 3.5 for 3.5%), and loan term in years. The calculator will show your estimated monthly payment, total repayment amount, and total interest paid.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical home loan interest rate in Maybank?
A: Maybank's home loan rates typically range from 3% to 5% depending on the loan package, BLR, and your credit profile.

Q2: How does loan term affect monthly payments?
A: Longer terms reduce monthly payments but increase total interest paid. Shorter terms have higher monthly payments but lower total interest.

Q3: Are there other fees not included in this calculation?
A: Yes, this doesn't include processing fees, mortgage insurance, or other charges that may apply to your loan.

Q4: Can I use this for other types of loans?
A: While the formula works for any fixed-rate loan, specific loan products may have different features or calculations.

Q5: How accurate is this calculator?
A: This provides a good estimate, but actual loan terms may vary based on your specific agreement with Maybank.