What sets your monthly payment
Three inputs decide your monthly payment. Here is what each one does.
Principal
The amount you borrow. Every peso of it must come back to the lender.
what you borrowInterest
The cost of borrowing, charged monthly on your remaining balance.
charged monthlyTerm
How long you take to repay. A longer term means a smaller monthly payment but more total interest.
in yearsQuestions people ask
answered in plain wordsIt uses the standard amortization formula for a fixed-rate loan with equal monthly payments. Each payment covers that month's interest first, and the rest reduces your principal.