Saudi Arabia Mortgage Calculator

Mortgage Calculator – Saudi Arabia

Saudi Arabia Mortgage Calculator

Note: The current interest rate of 4.5% is an estimate. Please check with your bank for the most accurate rate.

Saudi Arabia Mortgage Calculator: Estimate Your Monthly Installments and Total Loan Amount
If you are planning to buy a home in Saudi Arabia and want to estimate your monthly mortgage payments, use our Saudi Arabia Mortgage Calculator. This tool will help you estimate your monthly loan payments and your total payment over the life of the loan.

This calculator allows you to enter the loan amount, interest rate, and loan term, which will give you your monthly installment and total payment.

How to use the mortgage calculator?

To use the mortgage calculator, follow these steps:

  • Enter the loan amount (SAR): This is the amount you want to borrow to buy a home.
  • Enter the annual percentage rate (%): The calculator uses the annual percentage rate to calculate the interest you will pay over the life of the loan. The default rate is 4.5%, but you can adjust it to your bank’s current rate.
  • Enter the loan term (in years): The loan term is the time over which you will repay the loan. It is usually between 5 and 30 years.
  • Click Calculate: After entering the required information, click the Calculate button. You will see an estimate of your monthly installment and total payment over the life of the loan.

Mortgage Payment Formula
Mortgage payments are made using this formula.

M=1−(1+r)−nP×r​

Where:
M = Monthly installment
P = Loan amount (principal)
r = Monthly interest rate (annual interest rate / 12)
𝑛
n = Number of payments (loan term × 12)

This formula calculates the monthly installment considering the loan amount, interest rate, and loan term.

Key Features of Saudi Arabia Mortgage Calculator

  • Accurate Estimate: You get an instant estimate of the monthly installment and total payment based on the current loan rate.
  • Easy to use: Just enter the loan amount, interest rate, and loan term, and click “Calculate”.
  • Updated: Adjust the interest rate as you wish so that you can calculate according to the latest Saudi Bank rate, which is usually 4.5%.
  • Total Payment Estimate: Along with the monthly installment, you will also see the total payment by the end of the loan term.

Example calculation

Let’s say you are borrowing SAR 500,000 and the loan term is 20 years, and the annual interest rate is 4.5%.

Using the mortgage calculator, you will get the following results:

  • Monthly installment: SAR 3,500.00
  • Total payment over 20 years: SAR 840,000.00
  • This means that you will pay SAR 3,500 each month and by the end of the loan term, you will have paid SAR 840,000.

Important note on interest rates

Please note that the interest rate used in the calculator is an estimate. The current rate is 4.5%, but it may change depending on market conditions and bank policy. You should confirm the latest interest rate with your bank.

Why use a mortgage calculator?

Benefits of using a mortgage calculator:

  • Plan your finances: You can better plan your budget with monthly installments and total payment estimates.
  • Compare different loan options: You can compare different loan amounts, interest rates, and loan terms to choose the best option for your financial situation.
  • Understand loan costs: Total payment estimates help you understand how much you will pay over the life of the loan.

Conclusion

Whether you’re buying a home for the first time or looking to refinance your loan, understanding your mortgage payments is important. Our Saudi Arabia mortgage calculator will help you estimate your monthly payments and total payments.

If you’re ready to own your own home, use this calculator and find out your mortgage payments today. If you have any questions or need help, please contact us or your local bank for more information.

Get started now! Use the mortgage calculator

Try our mortgage calculator now – enter the loan amount, interest rate, and loan term and get an estimate of your monthly installment and total payment.

The information provided by the Mortgage Calculator is for illustrative purposes only. It is not an official financial statement or quotation from any bank. Please confirm the loan rate and terms with your bank or financial advisor.