Work out your monthly mortgage or loan payment in Jamaica. Enter the property price, your deposit, the interest rate and the term to see your monthly payment, the total interest you will pay and a year-by-year repayment schedule. Switch to Car / personal loan for vehicle and personal loans.
Year-by-year repayment schedule
| Year | Interest | Principal | Balance |
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How mortgage payments are calculated
Jamaican banks, building societies and the NHT use the standard amortising loan formula: you pay the same amount every month, but early payments are mostly interest and later payments are mostly principal. Open the repayment schedule in the calculator to see how your balance falls each year.
For example, a J$25 million home bought with a 10% deposit leaves J$22.5 million to borrow. At 9.5% over 30 years, the payment is about J$189,192 a month, and total interest over the life of the loan comes to roughly J$45.6 million. Cutting the term to 20 years raises the monthly payment but saves a large share of that interest.
What lenders look at in Jamaica
- Deposit: commercial lenders typically finance up to 90–95% of value; a smaller deposit usually means mortgage indemnity insurance.
- Debt-service ratio: most lenders want total loan payments to stay within roughly 35–40% of your gross income. Use our salary calculator to check your take-home pay.
- NHT benefit: NHT contributors can combine an NHT loan at concessionary rates with a bank or building society mortgage (a joint mortgage). Check the NHT’s current rates and loan limits for your income band.
- Term and age: terms run up to 30–40 years, but most lenders want the loan repaid by about age 70.
Don’t forget closing costs
On top of the deposit, buyers pay attorney’s fees, half the registration fee and stamp duty, and often mortgage-related costs. Estimate them with our property closing cost calculator.
Frequently asked
How much deposit do I need to buy a house in Jamaica? Usually 5–10% for owner-occupied homes with a commercial lender, more for investment property or land.
What interest rate should I use? Use the rate quoted by your lender. Rates vary by lender, loan type and whether NHT financing is involved, so treat the default as an example only.
Does this include insurance and fees? No — it shows principal and interest only. Add property insurance, life cover and any lender fees to get your full monthly cost.
Related tools: Property closing costs · Salary & take-home pay · JMD currency converter · All Jamaica calculators