Mortgage Calculator

Use our free Mortgage Calculator to plan your home purchase. Get instant estimates on monthly repayments, total loan costs, and see how much you can afford. Use the calculator below.

Dreaming of your own home in Lagos, Abuja, Port Harcourt, or anywhere in Nigeria? That dream is closer than you think. But before you start browsing listings, the first step is to get a clear picture of your budget. How much would the monthly payments actually be?

Our free and easy-to-use Home loan calculator is designed to give you that clarity in seconds. No complicated jargon, just straightforward numbers to guide your journey.

We know you have questions. Let’s demystify the process and answer the most common queries about mortgages and using a home loan calculator in Nigeria.

Frequently Asked Questions (FAQs)

1. What is a Mortgage Calculator ?

A mortgage calculator is a simple online tool that estimates your monthly mortgage repayment. It’s your financial planning partner. For aspiring homeowners in Nigeria, it helps you:

• Set a Realistic Budget: Move from “I want a house” to “I can afford a house in this price range.”
• Compare Scenarios: See how a larger down payment or a shorter loan term can save you money.
• Prepare for the Application: Approach banks and mortgage institutions with confidence, knowing what you can comfortably pay.

2. How Do I Use This Mortgage Calculator?

It’s as simple as 1-2-3. Just input a few details:

• Home Price: The total cost of the property you wish to buy.
• Down Payment: The initial amount you can pay upfront. In Nigeria, this is typically between 10% and 30%.
• Loan Tenure: How many years you plan to repay the loan (e.g., 10, 15, or 20 years).
• Interest Rate: The annual interest rate offered by the lender.

Click “Calculate,” and you’ll instantly see a breakdown of your monthly commitment.

3. What is the Typical Interest Rate for Mortgages in Nigeria?

Mortgage interest rates in Nigeria can vary based on the lender, your financial profile, and the type of property. National Housing Fund(NHF) rate is 6% per annum while others generally range from 15% to 25% per annum. Our calculator allows you to adjust this rate, so you can get estimates for different scenarios and find a comfortable range.

4. What’s a Good Down Payment for a Home Loan in Nigeria?

A larger down payment is always beneficial. While some institutions may accept as low as 10%, aiming for 20-30% is a strong financial move. A higher down payment means:

• A smaller loan amount.
• Lower monthly repayments.
• Less total interest paid over the life of the loan.
• A stronger application in the eyes of the lender.

5. How Does Loan Tenure Affect My Payments?

The loan tenure (or term) is a crucial factor.

• Shorter Tenure (e.g., 10 years): You’ll pay less total interest, but your monthly payments will be higher.
• Longer Tenure (e.g., 20 years): Your monthly payments will be more manageable, but you will pay significantly more in interest over time.

Use the calculator to slide the tenure and see the direct impact on your budget.

6. What Other Costs Should I Budget For When Buying a Home?

Beyond your mortgage, it’s wise to budget for other one-time costs in the Nigerian real estate market. These include:

• Legal Fees: For solicitors to handle the conveyance.
• Stamp Duty: A government tax on the property transaction.
• Registration Fee: To register the property in your name at the Lands Registry.
• Agency/Commission Fees: Payable to the real estate agent.
• Survey and Inspection Fees.

A good rule of thumb is to set aside an additional 5-10% of the property’s value for these associated costs.