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I used to be a Marketing Assistant for Housing Loans in a Bank, and because of this I know how to compute for the loan amortizations of clients. Amortization Computation is being used by Banks and PAG-IBIG for their Housing Loans, and Developers for their In-House Financing Accounts.
Computing for the amortization is complicated and is very hard to explain. In this blog, I made a Factor Rate Table which you can use to compute for the amortization. All you have to do is to look for the factor rate based on the term (expressed in years) and the interest rate located in the table. Once you get the factor rate, you have to multiply this with the Principal Amount.
So here's the Table
YEARS 1 TO 6 (INTEREST RATES 5% TO 15%)
YEARS 7 TO 12 (INTEREST RATES 5% TO 15%)
YEARS 13 TO 18 (INTEREST RATES 5% TO 15%)
YEARS 19 TO 24 (INTEREST RATES 5% TO 15%)
YEARS 25 TO 30 (INTEREST RATES 5% TO 15%)
I'll be sending the next batch of Factor Rates in the blog.
Hope this helps you.
To Download the PDF File of this Factor Rate Table please click here