Mortgage Calculator
Calculate your monthly mortgage payments and understand your financing options
Loan Details
Monthly Payment
₦440,434
per month
Loan Amount
₦40,000,000
Down Payment
₦10,000,000
Total Interest
₦65,704,269
Total Amount Paid
₦105,704,269
Understanding Your Mortgage
Down Payment
The down payment is the initial amount you pay upfront. A larger down payment reduces your loan amount and monthly payments, but requires more cash upfront.
Interest Rate
The interest rate affects your monthly payment and total cost. Shop around with different lenders to get the best rate. Your credit score impacts the rate you qualify for.
Loan Term
Longer loan terms (25-30 years) have lower monthly payments but higher total interest. Shorter terms (15-20 years) have higher payments but save on interest.
Additional Costs
Remember to budget for property taxes, insurance, maintenance, and HOA fees. These add to your total monthly housing costs beyond the mortgage payment.
Mortgage Tips
- •Get pre-approved for a mortgage before house hunting
- •Compare rates from multiple lenders
- •Consider a larger down payment to reduce costs
- •Budget for closing costs (2-5% of loan amount)