Mortgage calculator
Estimate the payment on a home loan, including insurance and property tax, and see how much interest you'll pay over the life of the mortgage. For first-time buyers comparing homes and anyone planning a refinance.
Your payment
How this is calculated
The loan is the property price minus your down payment. The regular payment is the standard level-payment formula, where r is the annual rate divided by the number of payments a year and n is the total number of payments:
Each payment first covers the interest on the remaining balance; the rest reduces the balance. We run the whole schedule in cents, and the final payment is adjusted by a few cents so the balance ends at exactly zero. Add-ons are added to the monthly cost; the annual property tax is divided by 12.
Rates and terms vary by bank and borrower. always use the rate your bank quotes you.
Worked example
A $400,000 home with a 15% down payment ($60,000) leaves a loan of $340,000.00. At an illustrative 7% over 25 years:
- Monthly principal and interest: $2,403.05
- Total interest over 25 years: $380,914.49
- Total repaid: $720,914.49
You'll also need money for closing costs: see the closing cost calculator.
Frequently asked questions
How much deposit do I need to buy a home in The Bahamas?
Banks set their own requirements, and they depend on the property, your income and whether you have mortgage insurance. Ask your bank; enter the deposit as an amount or a percentage of the price to compare scenarios.
Are mortgage rates fixed or variable?
Many Bahamian mortgages have rates linked to the bank's prime rate, which can change. This calculator assumes the rate stays the same for the whole term, so treat the result as an estimate.
Does paying fortnightly save interest?
Paying every two weeks means 26 payments a year instead of 12. Whether that saves interest depends on how your bank applies the payments; the calculator shows the fortnightly payment for the same term so you can compare.
What else should I budget for?
Property and hurricane insurance, mortgage protection or life insurance, real property tax and maintenance. Add them as monthly add-ons, and use the closing cost calculator for the cash needed on purchase.
Sources
Rates last verified: not yet verified. Rate changes log
This is an estimate for planning only. Confirm figures with the relevant government department, your bank or a qualified professional before making decisions. See our terms.