Mortgage Calculator
Work out your monthly mortgage payment and the total upfront cost of buying a home in Jamaica — deposit, stamp duty, attorney and registration costs — in Jamaican dollars. Free, no sign-up.
Purchase Details
Banks and building societies typically want 10–15%. NHT loans for contributors can go lower and carry a below-market interest rate, often combined with a bank top-up loan.
NHT rates for contributors are much lower than commercial bank and building society rates. If you are blending an NHT loan 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.
Attorney's fees (often 1.5–3% plus GCT), 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
$178,329
$21,250,000 loan · 9% · 25 years
💬 In Plain Words
To buy a home priced at $25,000,000 with a 15% deposit, you borrow $21,250,000 and pay about $178,329 a month for 25 years. Over the full term you pay $32,248,768 in interest. On the day you buy, you need $4,875,000 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 insurance the lender requires, NHT points and income tests, and GCT on professional fees. Assumes one level-payment loan — if you blend an NHT and a bank loan, run each portion separately. 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 Jamaica
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 1.5–3% plus GCT), 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 Jamaican buyers 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 Jamaica besides the price?
- On top of the deposit, expect stamp duty (4% of the price, in practice usually shared 50/50 between buyer and vendor, plus a small fixed amount), a registration of title fee, attorney's fees (often around 1.5–3% plus GCT), a registered valuation, and a surveyor's report if needed. Transfer tax of 2% is charged on the sale but is normally the vendor's cost. Documents must be stamped within 30 days of signing to avoid penalties.
- How big a deposit do I need for a mortgage in Jamaica?
- Commercial banks and building societies typically want 10–15% of the price as a deposit, though some products go lower for first-time buyers. The National Housing Trust (NHT), which you contribute 2% of your pay to, offers below-market interest rates to contributors and can lend a high share of the value, often combined with a bank 'top-up' loan. Your repayment usually cannot exceed a set share of your gross income.
- What is the National Housing Trust and how does it help?
- The NHT is a state body funded by a 2% employee and 3% employer payroll contribution. Contributors who meet the points and income tests can get an NHT mortgage at an interest rate well below the market — reducing the monthly payment substantially. Your 2% employee contributions are also refunded to you with interest after seven years. Many buyers combine an NHT loan with a bank loan for the rest.