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For a mortgage loan, it is normally 15-30 Loan Terms: This is the total number of years you and the lender have agreed upon to pay off all the interest and loan.This includes the interest amount of the loan for a period (normally a month) and a portion of your principal amount. Regular Monthly Payment: This is the amount you will pay every month.Principal Amount: The original amount you took from a lender as the loan.Let’s first look at some critical definitions regarding Mortgage calculation. Prepaymentshelp you pay off your loan faster and reduce total interest cost.Related Excel Templates Introduction to Mortgage Divide this number by 12 to arrive at monthly maintenance amount. If its an independent house, you can assume your annual maintenance expenditure to be about one percent of your home value. Monthly Maintenance Expenses is what you pay to keep your apartment shining, clean and ‘water-full’.Home Insurance is the yearly premium you pay to insure your home-if it isn’t already covered by loan insurance plan.Property Taxes is the annual payment that you grudgingly make to your local municipal body.One-time Expenses can include Registration Fees, Stamp Duty, bribe you paid to that pan chewing Govt Babu, money you spent on sprucing up your new home and performing a lavish house warming ceremony (after all, this is a great occasion for your spouse to show off in front of his/her friends & relatives).You should consider all these factors, especially when making a Rent vs. They will also continue beyond the home loan tenure. Please note that the recurring expenses will change over the lifetime of the home loan due to inflation and other factors. This will ensure that you will have the necessary money to make the payment once or twice a year. You will not pay property taxes and home insurance premium each month, but it is included in the total monthly payment with the assumption that you are setting aside this amount (either through Recurring Deposit or some other means) every month. Homeowner Expenses can be entered either in Rupees or as a percentage of Home Value. along with service taxes, entered either in Rupees or as a percentage of Loan Amount. Loan Fees & Charges includes Processing Fees, Administrative Charges etc.Interest Rate is…the 10th wonder of the world! When its compounded, it ranks 8th.Loan Amount is calculated as Home Value + Loan Insurance - Down Payment.You then multiply this number by your loan tenure.
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If you want to guesstimate this amount, use the LIC premium calculator to calculate yearly premium for eTerm plan using your age, loan term and loan amount for Sum Assured. Loan Insurance is the single premium amount, for the Home Loan Protection Plan (HLPP) OR Term Insurance Plan, that gets included in your home loan amount.Down Payment, aka Margin, is the total money you paid to the seller or builder from your own pocket, entered either in Rupees or as a percentage of Home Value.
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