Nigeria Mortgage Calculator

Input Field Guide

• Property Price—The agreed purchase price of the house, flat, land or property you want to buy. This is the amount before your equity contribution and purchase costs.
• Equity Contribution—The part of the property price you will pay yourself. You can enter it as a Naira amount or as a percentage of the property price.
• Mortgage Tenor—How long you want to repay the mortgage. A longer tenor usually gives a lower monthly repayment, but you may pay more interest overall.
• Interest Rate—The yearly rate charged by the lender on the mortgage. If your bank gives different rates for different periods, use the two-rate or three-rate option.
• Single Rate—Use this when the same interest rate applies throughout the whole mortgage tenor.
• Two Rate Periods—Use this if your mortgage has one rate for an early period and another rate for the remaining months.
• Three Rate Periods—Use this if your lender gives three different interest rates for three different periods of the mortgage.
• Mth To—This shows the exact months covered by each interest-rate period. For example, month 1 to month 24 means that rate applies for the first 24 repayments.
• Repayment Type—Choose how the mortgage will be repaid. Equal monthly repayments keep payments steady, equal principal repayments reduce over time, while bullet repayment means the principal is paid at maturity.
• Property Insurance—An estimated monthly insurance cost for the property itself, such as cover against fire, flood or damage. Some lenders may require this before disbursement.
• Mortgage Protection Insurance—Insurance linked to the borrower or mortgage, often used to protect the loan if something serious happens to the borrower.
• Monthly Service Charge—Estimated monthly estate, facility or building service charge. This is common for serviced estates, apartments and gated communities.
• Moratorium Period—A grace period before normal mortgage repayments begin. During this period, you may pay only interest or no repayment, depending on the lender’s terms.
• Capitalise Interest During the Moratorium—If selected, interest during the moratorium is added to the mortgage balance instead of being paid monthly. This increases the amount you repay later.
• Equity Contribution Available—For affordability calculation, this is the cash you already have available to put towards buying the property.
• Monthly Rent You Will Stop Paying—The rent you currently pay that may become available for mortgage repayment after you move into your own property.
• Additional Monthly Disposable Income—Extra monthly income you can safely use for mortgage repayment after your normal living expenses.
• Estimated Monthly Property Costs—Expected monthly costs of owning the property, such as estate dues, maintenance, security, waste collection or shared services.
• Mortgage Interest Rate—The interest rate used for the affordability estimate. Enter the rate you expect the bank or mortgage lender to offer.
• Mortgage Tenure—The repayment period used in the affordability calculation. It helps estimate the maximum mortgage amount your monthly budget can support.
• Stamp Duty—A government duty or transaction cost that may apply to property or mortgage documentation. Enter the amount or percentage you expect to pay.
• Legal Fees—Fees paid to lawyers or solicitors for title checks, documentation, perfection advice, contract review and other legal work.
• Property Survey Costs—Costs for survey plans, charting, land verification or related survey work needed to confirm the property details.
• Estate Agency Fee—Commission payable to the estate agent or property broker involved in the transaction. This is often charged as a percentage of the property price.
• Property Valuation Fee—The cost of a valuation report. Banks often require an independent valuation before approving or disbursing a mortgage.
• Other Costs—Any extra purchase or mortgage-related costs not listed above, such as processing charges, documentation fees or administrative expenses.
• Add Purchase Costs to the Mortgage—Select this if you want the purchase costs to be added to the mortgage amount instead of paying them upfront in cash.
• First Repayment Date—The date your first mortgage repayment is expected to be made. This is used to build the repayment schedule.
• Net Monthly Income—Your take-home monthly income after tax, pension, deductions and other regular obligations. This helps estimate how heavy the mortgage payment is on your income.
• Monthly Mortgage Overpayment—An extra amount you plan to pay every month in addition to your normal mortgage repayment. This can reduce your balance faster and save interest.
• Annual Mortgage Overpayment—An extra amount you plan to pay once every year, for example from bonus, business profit or annual savings.
• One-off Mortgage Overpayment—A single extra payment made in a particular month and year. This could come from savings, sale of an asset or a lump-sum income.
• From Month and Year—The month and year when an overpayment should start. The calculator uses this to place the extra repayment correctly in the schedule.
• In Month and Year—The month and year when a one-off overpayment will happen.
• Additional Overpayments—Use these rows if you have more planned one-off payments. Each amount is applied in the month and year you choose.

How to Use the Calculator

1. Enter the property price. Start with the agreed or expected purchase price of the house, flat, terrace, duplex, land-backed development or apartment.
2. Add your equity contribution. Enter the amount you can pay upfront or use a percentage of the property price.
3. Set the mortgage tenor. Choose the loan duration in years and months.
4. Enter the interest rate. Use your bank's quoted rate or test different rate scenarios. You can also model one, two or three rate periods.
5. Select the repayment type. Choose equal monthly repayments, equal principal repayments or bullet repayment at maturity.
6. Add purchase and recurring costs. Include stamp duty, legal fees, survey costs, valuation fees, estate agency fees, insurance and service charge.
7. Check the results. Review the monthly repayment, total interest, total cost, estimated APR, mortgage end date and repayment schedule.

Important Note

This calculator provides estimates for planning purposes only. Mortgage approval, interest rate, tenor, equity contribution, fees and insurance requirements depend on your lender, income profile, credit history, property valuation, title documents and the applicable rules in the state where the property is located. Always confirm final figures with your bank, mortgage institution, solicitor, valuer and estate professional before making a purchase decision.

Frequently Asked Questions

How is monthly mortgage repayment calculated in Nigeria?

Monthly repayment is usually based on the mortgage amount, interest rate and loan tenor. For equal monthly repayments, each payment includes interest and part of the principal. Early in the mortgage, a larger share of the payment usually goes towards interest, while later payments reduce more of the principal.

What is equity contribution in a Nigerian mortgage?

Equity contribution is the buyer's upfront contribution towards the property price. For example, if a property costs ₦50,000,000 and you contribute ₦10,000,000, the remaining ₦40,000,000 may be financed with a mortgage, subject to lender approval.

What does loan-to-value mean?

Loan-to-value, or LTV, compares the mortgage amount with the property price. A lower LTV usually means the buyer is contributing more equity, which may improve the strength of the mortgage application.

Can I add purchase costs to the mortgage?

The calculator allows you to test the effect of adding purchase costs to the mortgage. Whether this is allowed in practice depends on your lender's policy, the property value, your income and the approved loan structure.

Does the calculator include insurance and service charge?

Yes. You can add property insurance, mortgage protection insurance and monthly service charge to estimate the total monthly housing payment, not just the principal and interest repayment.

What is a mortgage moratorium?

A mortgage moratorium is a grace period during which normal repayments may be delayed. Depending on the arrangement, interest may be paid during the moratorium or added to the mortgage balance.

Can overpayments reduce my mortgage interest?

Yes, if your lender allows overpayments and applies them to the outstanding principal. Extra payments can reduce the balance faster, which may lower total interest and shorten the effective repayment period.

Is this calculator only for Lagos property?

No. It can be used for property purchases across Nigeria. Lagos buyers may find the cost fields especially useful because transaction and professional fees can materially affect the total cash required.