Mortgage Calculator
Work out your monthly mortgage payment and the total upfront cost of buying a home in The Bahamas — deposit, stamp duty, attorney and registration costs — in Bahamian dollars. Free, no sign-up.
Purchase Details
Banks and credit unions typically want 5–15% plus closing costs. Some products for contributors can go lower and carry a below-market interest rate, often combined with a bank top-up loan.
Bahamas Mortgage Corporation rates for eligible buyers are lower than commercial bank rates. If you are comparing that and a bank loan, run the two portions separately.
Stamp duty on a transfer is 4% of the price. In practice it is usually split 50/50 with the vendor, so set this to about 2% — but confirm what your sale agreement says.
Legal fees (often around 2.5% plus VAT), the registration of title fee, a registered valuation and a surveyor's report. Transfer tax of 2% is normally the vendor's cost.
Your Mortgage
Monthly Payment
$961
$136,000 loan · 7% · 25 years
💬 In Plain Words
To buy a home priced at $160,000 with a 15% deposit, you borrow $136,000 and pay about $961 a month for 25 years. Over the full term you pay $152,366 in interest. On the day you buy, you need $31,200 in cash — the deposit plus stamp duty and closing costs.
Cash Needed at Purchase
Estimate for educational purposes. Not included: mortgage indemnity insurance if your deposit is small, peril and life hurricane and life insurance the lender requires, Bahamas Mortgage Corporation income limits, and VAT on professional fees. Assumes one level-payment loan. Have the figures confirmed by your attorney and lender before you commit.
How the Mortgage Payment Is Worked Out
👋 Simple Explanation
A mortgage is a loan secured on the property. You put down a deposit, borrow the rest, and repay it with interest over 20 to 30 years. Early on, most of each payment is interest; later, most is principal. Paying a little extra each month, or making a lump sum when you can, cuts the total interest sharply because it shortens the term.
Payment = L × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where L = loan amount, r = monthly interest rate (annual ÷ 12), and n = the number of monthly payments (term in years × 12).
Costs and Rules When Buying a Home in The Bahamas
The big upfront costs are the deposit (usually 10–15%), stamp duty (4% of the price, in practice often split with the vendor), attorney's fees (around 2.5% plus VAT), the registration of title fee, and a registered valuation. Transfer tax of 2% applies to the sale but is normally paid by the vendor. Documents must be stamped within 30 days of signing. The National Housing Trust, funded by a 2% employee and 3% employer contribution, lets contributors borrow at a below-market rate — the single biggest lever most buyers in The Bahamas have on the monthly payment. Add every cost up before you decide how much you need saved.
Frequently Asked Questions
- What does it cost to buy a home in The Bahamas besides the price?
- On top of the deposit, expect VAT on the conveyance (a sliding scale that replaced the old stamp duty on real estate, often shared between buyer and seller, with a relief for first-time Bahamian buyers below a value cap), legal fees of around 2.5% plus VAT, a bank appraisal, recording fees, and a survey if needed. Owners then pay annual real property tax, with an exemption for owner-occupied homes below a threshold.
- How big a deposit do I need for a mortgage in The Bahamas?
- Commercial banks and credit unions typically want 5–15% of the price as a deposit plus closing costs. The government-owned Bahamas Mortgage Corporation lends to buyers below an income limit, for homes within a price cap, often on a lower deposit and rate than a commercial bank. Your repayment usually cannot exceed a set share of your gross income.
- What is the Bahamas Mortgage Corporation?
- The Bahamas Mortgage Corporation is a government-owned lender. It provides mortgages to lower- and middle-income buyers below an income limit, for homes within a price cap, often with a lower deposit and rate than a commercial bank — frequently on Department of Housing developments. There is no payroll housing contribution in The Bahamas and nothing to refund.