Pagibig Housing Loan Calculator

The monthly amortization comes from the standard amortization formula:

Monthly Payment = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]

• P = loan amount
• r = yearly rate ÷ 12
• n = number of months you will pay

Example: a ₱2,000,000 loan at 6.875% for 20 years gives r = 0.00572917 and n = 240. The monthly payment comes out to about ₱15,356.

Your monthly payment can be at most 35% of your gross monthly income.³ That is ₱8,750 a month.

At the 5-year fixing rate of 6.5% over 30 years, every ₱1,000,000 borrowed costs about ₱6,321 a month, so ₱8,750 supports a loan of about ₱1.38 million. At the 30-year fixing rate of 9.75%, it is about ₱8,592 per ₱1,000,000, or a loan of about ₱1.02 million.

Pag-IBIG also looks at your actual need and the home's appraised value, so your approved amount may be lower.¹

Interest is charged on the balance you still owe. At the start, that balance is at its biggest, so the interest part is big too.

On a ₱2,000,000 loan at 6.875%, month one has about ₱11,458 in interest and only about ₱3,898 going to principal. As the balance drops, the interest part shrinks and more of your fixed payment pays down the loan.

Yes. You can pay your loan in full or in part with no prepayment penalty, though Pag-IBIG may charge a service fee.⁴

An extra amount is applied to your next monthly payment unless you ask Pag-IBIG to put it toward the principal, which it does when the extra is at least one monthly amortization.⁴ A smaller principal means less interest for the rest of the loan and a shorter payoff time.

Pag-IBIG charges a penalty of 1/20 of 1% of the unpaid amount for each day you are late.⁴ That is about 1.5% a month on the missed amount. The Housing Loan Reserve Payment, one month's amortization set aside when your loan is released, helps protect you from late payment penalties if a payment is delayed.¹

If you fail to pay three monthly amortizations, the loan is in default, the full balance becomes due, and Pag-IBIG can foreclose the mortgage or cancel the sale contract.⁴ Call Pag-IBIG early if you are struggling. It has a housing loan restructuring program for borrowers who have fallen behind.

Both are required and are billed on top of your monthly amortization.

• MRI (Mortgage Redemption Insurance): pays off your remaining loan if you die or become permanently and totally disabled.⁴
• Fire insurance (Fire and Allied Perils Insurance): covers the house against fire and other perils, for the appraised value of the house or the loan amount, whichever is lower.⁴

The MRI pays the remaining balance, and any excess is paid to the borrower or the heirs.⁴ The family does not have to keep paying.

Keep your payments current. The Housing Loan Reserve Payment helps keep your insurance coverage active if a payment is delayed.¹

Your rate is only locked for the fixing period you chose, such as 5, 10, 15 or 30 years. When that period ends, Pag-IBIG reprices the loan.⁴

Your monthly payment can go up or down after repricing. You can pay the balance in full to avoid the change.⁴

Yes. You can add up to two co-borrowers.¹ Each co-borrower must also meet Pag-IBIG's requirements. If a co-borrower is not related to you within the second civil degree, the loan must be to buy a home or a lot, or a lot to build on, and the property must be in all your names.⁴

Pag-IBIG counts the gross monthly income of up to three borrowers when it applies the 35% rule.³ That usually means a bigger approved loan. Everyone signs and everyone is responsible for paying.

Yes. Overseas Filipino Workers can apply as long as they are active members with at least 24 monthly savings and can show proof of income, like a work contract.

It depends on the rates each lender offers you for your fixing period and term. Pag-IBIG allows terms of up to 30 years.¹

Pag-IBIG also has a 3% subsidized rate for the first five years for qualified buyers of socialized housing.²

It is the Affordable Housing Loan rate for socialized homes: 3% a year for the first five years, on loans up to ₱950,000 for a house and lot or ₱1.8M for a condominium unit.² It is open to members earning less than ₱47,855.82 a month in NCR or ₱34,685.82 outside NCR.² Overseas Filipino Workers can qualify whatever their income.²

The ₱950,000 and ₱1.8M caps are for units of 27 sqm and above.² For units of 24 to 26 sqm, the caps are ₱844,440 for a house and lot and ₱1,600,000 for a condominium unit.² If your income is still within the program's limit after five years, the 3% rate continues for another three years.² The program also offers 6.25% a year for the first ten years.²

At 3% for 30 years, a ₱950,000 loan costs about ₱4,005.24 a month.²

Pag-IBIG usually decides in about 2 to 3 weeks once your documents are complete. A missing paper or a slow property appraisal can delay this.

From filing to loan release, plan for 1 to 3 months, since the title check, notarization, and registration all take time.

Yes, if your first loan is fully paid or is current and in good standing. The total of all your Pag-IBIG housing loans cannot go over the ₱10 million ceiling.¹

You must also be able to pay all your housing loans, and your existing Pag-IBIG housing loan must be up to date.⁴