Ibile Traditional Mortgage System

N85m

Summary Of The Loan & How It Works (Ibile Traditional Mortgage System)

Property Cost: ₦85,000,000

Equity Deposit (10%): ₦8,500,000

Loan Amount: ₦76,500,000

Loan Tenor: 5 years

Annual Principal Payment: ₦15,300,000 per year

Interest Rate per Year:

Year 1 → 7.5%

Year 2 → 8%

Year 3 → 8.5%

Year 4 → 9%

Year 5 → 9.9%

Detailed Repayment Schedule for Ibile Traditional Mortgage System

Year Outstanding at Start Annual Principal Interest for the Year Total Yearly Repayment Monthly Repayment

1. ₦76,500,000 ₦15,300,000 ₦5,737,500 ₦21,037,500 ₦1,753,125

2. ₦61,200,000 ₦15,300,000 ₦4,896,000 ₦20,196,000 ₦1,683,000

3. ₦45,900,000 ₦15,300,000 ₦3,901,500 ₦19,201,500 ₦1,600,125

4. ₦30,600,000 ₦15,300,000 ₦2,754,000 ₦18,054,000 ₦1,504,500

5. ₦15,300,000 ₦15,300,000 ₦1,514,700 ₦16,814,700 ₦1,401,225

Interpretation

Your monthly repayment reduces every year because interest is calculated on the remaining balance.

Starting monthly payment: ₦1.75 million

Final year monthly payment: ₦1.40 million