Mortgage Calculator Nigeria — NHF, FMBN & Commercial Rates

Calculate monthly mortgage payments for Nigerian properties. Compare NHF (6%), FMBN (9%) and commercial bank (22%) rates. Includes rent vs buy analysis.

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Rent vs Buy Comparison

Renting

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Over 20 years

    Buying (with mortgage)

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      Rate Comparison Table

      Scheme Rate Monthly Payment Total Interest Total Cost

      Nigerian Mortgage Options Explained

      NHF Mortgage (6%): Cheapest option — requires NHF contributions, max ₦15M loan. Apply via Primary Mortgage Banks (PMBs).

      FMBN Cooperative (9%): Available to registered cooperative members. Max ₦5M per member.

      Commercial Bank Mortgage (18–24%): Higher rates but fewer restrictions on loan size and property type. Banks like Access, GTB, FirstBank, UBA offer home loans.

      The total cost comparison shows that reducing your mortgage rate by just a few percentage points can save tens of millions of naira over the loan lifetime.

      Extended

      Extended Calculator

      More options, scenarios and visual breakdowns

      Based on your salary, find out what property price you can afford.

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      Compare total cost of renting vs buying over your chosen period. SVG line chart shows yearly cumulative costs.

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      Cumulative Rent Cost Cumulative Mortgage Cost Property Equity

      See the impact of extra monthly payments on your mortgage payoff.

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      Professional

      Professional Calculator

      Maximum detail for expert-level analysis

      Full Transaction Cost Inputs

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      Total Cost of Ownership

      Scheme Comparison: NHF vs FMBN vs Commercial

      SchemeRateMonthlyTotal InterestClosing CostsTrue Total Cost

      Equity Buildup Over Time (SVG)

      Property Value Equity (Value - Remaining Loan) Outstanding Loan

      Sensitivity Analysis — Monthly Payment at Various Rates

      RateMonthly PaymentTotal Interestvs Current

      Total Cost of Ownership: 10 / 20 / 30 Years

      PeriodMortgage PaidClosing CostsMaintenance (est.)Net of Rental IncomeTotal OutlayProperty Value

      Frequently Asked Questions

      What is the NHF mortgage rate and who qualifies?
      The National Housing Fund (NHF) mortgage rate is 6% per annum — the most affordable in Nigeria. To qualify, you must have contributed to the NHF for at least 6 months. The maximum NHF loan is ₦15 million for individuals, repayable over up to 30 years. Apply through any Primary Mortgage Bank (PMB) linked to FMBN.
      What is the FMBN Cooperative Housing loan?
      The Federal Mortgage Bank of Nigeria (FMBN) offers Cooperative Housing loans at 9% per annum to registered cooperatives. Individual members can access loans up to ₦5 million. This is an alternative to the NHF scheme for cooperative society members.
      How much deposit do I need for a Nigerian mortgage?
      Most commercial banks in Nigeria require a minimum 20–30% down payment. NHF mortgages may accept as little as 10% down. The higher your down payment, the lower your monthly payment and total interest paid over the life of the loan.
      Is it better to rent or buy property in Nigeria?
      This depends on your city, timeline and financial situation. In Lagos and Abuja, property prices have appreciated 10–20% annually in recent years, making buying attractive for long-term residents. However, high mortgage rates (18–24%) mean monthly mortgage payments often exceed rent costs. Use the rent vs buy comparison in this calculator to decide.
      What are the closing costs when buying property in Nigeria?
      Typical closing costs include: Land Use Charge (varies by state), legal fees (2–5% of property value), stamp duty (1.5%), survey fees, and governor's consent fees. Budget approximately 5–10% of the property price in transaction costs on top of your deposit.

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