How is the monthly repayment calculated?

The calculator converts the annual interest rate into a monthly rate, then uses the standard amortizing loan formula so the fixed monthly repayment covers both principal and interest and brings the balance to zero at the end of the term.

What interest rate should I use for a Nigerian mortgage?

Commercial bank mortgage rates in Nigeria commonly run from around 15% to 25% or higher, while the National Housing Fund (NHF) scheme offers a lower fixed rate, typically around 6%, to qualifying contributors. Use the rate stated in your loan offer for an accurate estimate.

Does this match what my bank in Nigeria will charge?

It gives a close estimate for a fixed-rate loan with equal monthly repayments. Some Nigerian mortgage products carry a variable rate that can change during the term, so your actual repayment may differ once the rate resets.

Does the result include fees or insurance?

No. This calculator estimates principal and interest only. It does not include legal fees, equity contribution, life or property insurance, or early repayment penalties, which vary by bank and loan product.

Why does the amortization table show less interest in later years?

Each monthly repayment is the same amount, but interest is charged only on the remaining balance. As the balance shrinks year after year, a smaller share of each repayment goes to interest and a larger share goes to principal.

What loan term is typical for a Nigerian mortgage?

Terms commonly range from 10 to 20 years with commercial banks, while NHF loans can extend up to 30 years. Enter the term stated in your loan offer to get an accurate estimate.

Nigeria Mortgage Calculator

Enter your loan amount in Naira, annual interest rate, and loan term to get the monthly repayment, total interest, and a year-by-year amortization summary.

Loan Details

Loan Principal (NGN)

₦

Interest Rate (% per year)

Loan Term (years)

Enter your loan details to see the repayment breakdown.

Monthly Repayment

₦0

Total Interest

₦0

Total Paid

₦0

Loan Principal	—
Interest Rate	—
Number of Payments	—

Yearly Amortization Summary

Year	Principal Paid	Interest Paid	Balance

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Summary

This calculator estimates monthly home loan repayments in Nigeria based on the loan principal, annual interest rate, and loan term. It uses the standard amortizing loan formula to split each monthly repayment into principal and interest, then rolls the results into a year-by-year summary showing the remaining balance over time. All amounts are shown in Naira with no external requests, so figures never leave the browser.

How it works

Enter the loan principal in Nigerian Naira (NGN).
Enter the annual interest rate as a percentage.
Enter the loan term in years.
The calculator computes the fixed monthly repayment using the standard amortization formula.
Review the total interest, total paid, and the year-by-year breakdown of principal, interest, and remaining balance.

Use cases

Estimating the monthly repayment for a mortgage from a Nigerian commercial bank before applying.
Comparing an National Housing Fund (NHF) rate against a commercial bank rate over the same term.
Comparing total interest across different loan terms, such as 15 years versus 25 years.
Checking how a change in interest rate affects the monthly repayment.
Seeing how much of each year of repayments goes to principal versus interest.
Planning a household budget around a fixed monthly mortgage repayment.
Estimating the remaining loan balance at a given point in the term.

Frequently Asked Questions

Last updated: 2026-09-09 · Reviewed by Nham Vu