Mortgage Calculator
Work out your monthly mortgage payment and the total upfront cost of buying a home in Trinidad and Tobago — deposit, stamp duty, attorney and registration costs — in TT dollars. Free, no sign-up.
Purchase Details
Banks and credit unions typically want 10–20%. TTMF loans for contributors can go lower and carry a below-market interest rate, often combined with a bank top-up loan.
TTMF concessionary rates for eligible buyers are lower than commercial bank and credit union rates. If you are blending a TTMF 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.
Legal fees (often 1–2% 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
$6,608
$935,000 loan · 7% · 25 years
💬 In Plain Words
To buy a home priced at $1,100,000 with a 15% deposit, you borrow $935,000 and pay about $6,608 a month for 25 years. Over the full term you pay $1,047,516 in interest. On the day you buy, you need $214,500 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, TTMF income limits, and VAT on professional fees. Assumes one level-payment loan — if you blend a TTMF 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 Trinidad and Tobago
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 1–2% 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 Trinidad and Tobago 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 Trinidad and Tobago besides the price?
- On top of the deposit, expect stamp duty on residential property (tiered by price, with a threshold below which a first home pays none — confirm the current bands), legal fees (commonly around 1–2% plus VAT), a registered valuation, a land and building survey if needed, and mortgage indemnity or a lender's arrangement fee. Budget several percent of the price for closing costs in total.
- How big a deposit do I need for a mortgage in Trinidad and Tobago?
- Commercial banks and credit unions typically want 10–20% of the price as a deposit, though the government-owned Trinidad and Tobago Mortgage Finance Company (TTMF) can go lower for buyers below an income limit and offers concessionary rates. Your repayment usually cannot exceed a set share of your gross income — often around 30–40%.
- What is TTMF and how does it help?
- The Trinidad and Tobago Mortgage Finance Company (TTMF) is a government-owned lender. Buyers below an income limit can get a TTMF mortgage at a concessionary rate — including a low fixed rate on Housing Development Corporation (HDC) units — well below commercial rates, which lowers the monthly payment. There is no payroll housing contribution and nothing to refund; TTMF simply lends at better terms to those who qualify.