Affordability Calculator
Estimate your monthly mortgage payments and determine how much property you can afford.
Down Payment
Most Nigerian banks require a minimum down payment of 20-30% of the property value. A larger down payment can reduce your monthly payments and total interest.
Interest Rates
Mortgage interest rates in Nigeria typically range from 15% to 25%, depending on the bank and your credit profile. These rates may be fixed or variable, so be sure to check with your lender.
Loan Terms
Most Nigerian mortgage loans have terms between 10 and 20 years, though some lenders offer up to 30 years. Longer terms mean lower monthly payments but higher total interest paid.
Additional Costs
Remember to budget for additional costs such as legal fees, stamp duties, and property insurance, which can add 3-5% to your total property cost.