Property Affordability Calculator
Calculate how much property you can afford in Nigeria. Get instant results with mortgage estimates, debt-to-income ratios, and personalized property recommendations.
Enter Your Details
All calculations are done in real-time and completely private
Your total income before taxes and deductions
Car loans, student loans, credit cards, etc.
Or use percentage below if you don't have a specific amount
Current Nigerian mortgage rates: 18-25%
Enter your monthly income to see results
Your results will appear here instantly as you type
Understanding Your Results
Here's what these numbers mean and how they affect your property purchase
Maximum Property Price
This is the highest property price you can afford based on your income, debts, down payment, and chosen mortgage terms. It follows the 28/36 rule: housing costs shouldn't exceed 28% of your gross income, and total debt payments shouldn't exceed 36%.
Debt-to-Income Ratio
Your DTI ratio compares your monthly debt payments to your gross monthly income. Lenders prefer 28% or less for housing costs alone, and 36% or less for total debt. A lower ratio means better loan terms and approval chances.
Down Payment
Nigerian mortgage lenders typically require 20-30% down payment. A larger down payment reduces your loan amount, lowers monthly payments, and may qualify you for better interest rates. Some developers offer flexible payment plans with lower initial deposits.
Frequently Asked Questions
How much house can I afford in Nigeria?
Generally, you can afford a property priced at 3-4 times your annual income, with a 28% debt-to-income ratio. Our calculator provides personalized results based on your income, debts, and down payment.
What percentage should I use for a down payment in Nigeria?
In Nigeria, mortgage lenders typically require 20-30% down payment. However, some developers offer flexible payment plans starting from 10%. Our calculator lets you experiment with different down payment amounts.
How is my debt-to-income ratio calculated?
Debt-to-income ratio is your total monthly debt payments divided by your gross monthly income. Lenders prefer a ratio below 43%, with 28% being ideal for housing costs alone.
Can I use this calculator if I earn in foreign currency?
Yes! Our calculator supports NGN, USD, and GBP. We use current exchange rates to show you accurate property affordability in Nigeria whether you earn in naira or foreign currency.
What interest rates should I use for Nigerian mortgages?
Nigerian mortgage interest rates typically range from 18-25% per annum. Our calculator pre-fills with current average rates, but you can adjust based on your lender's specific offer.
Does this calculator include all homeownership costs?
The calculator focuses on purchase price and mortgage payments. Remember to budget for additional costs like legal fees (3-5%), agency fees (5-10%), survey costs, and ongoing maintenance.