Loan payment calculator - AID Bank
The Mortgage payment calculator, known also as a Payment Calculator will calculate monthly loan payments based on your selection of interest rates, loan amounts and loan terms. These calculations may also apply to installments for other types of loans offered at the AID Bank.
Generally, no more than 36% of your income should be used to cover a mortgage installment. However, AID Bank will allow you up to 40%. Thus, your monthly installment of your mortgage should be less than 40% of your income.
- For example:
- Your Monthly Gross Income = $3,200
- Your monthly mortgage installment = $3,200 X 40% = $1,280.00
Using the above calculations, your mortgage loan payment should be no more than $1,280