Jeonse-to-Wolse Conversion Calculator — How Much Rent When Switching from Full Deposit?
Jun 23, 2026
Your landlord wants to switch from jeonse (full-deposit lease) to semi-jeonse, or you want to lower your monthly rent by putting up a larger deposit — but how do you know what monthly rent is fair? The answer lies in the jeonse-wolse conversion rate (전월세전환율). Once you understand the formula, you can walk into any negotiation with a number to back you up. This guide covers the formula, a step-by-step calculation, a concrete example, and the legal cap you should always check.
Enter the deposit amount being converted and the conversion rate — get the monthly rent instantly. Works in both directions.
Calculate Now →What Is the Jeonse-Wolse Conversion Rate — and the Formula
The jeonse-wolse conversion rate is an annualised percentage (%) used to convert a lump-sum jeonse deposit into an equivalent monthly rent. South Korean law sets a legal ceiling on this rate to protect tenants; if a landlord demands a rate above the cap, the tenant can challenge the excess.
Formula — finding the conversion rate from a known rent:
Rearranged to find monthly rent from the deposit being converted:
2-Step Calculation
- Determine the deposit being converted — Subtract the deposit you will keep from the original jeonse deposit. For example, if the jeonse was ₩300 million and you keep ₩200 million as deposit, the amount being converted to rent is ₩100 million.
- Apply the conversion rate — Use
Monthly Rent = Converted Deposit × Rate ÷ 100 ÷ 12. The rate is agreed between the parties but may not exceed the legal ceiling in force at the time of the contract.
Worked Example
Starting jeonse deposit: ₩300 million. The tenant keeps ₩200 million as deposit and converts the remaining ₩100 million at a 5.5% conversion rate.
| Item | Amount |
|---|---|
| Original jeonse deposit | ₩300,000,000 |
| Retained deposit (wolse) | ₩200,000,000 |
| Deposit being converted | ₩100,000,000 |
| Conversion rate applied | 5.5% |
| Monthly rent | ₩100,000,000 × 5.5% ÷ 12 = approx. ₩458,333 (≈ ₩458K/month) |
Cross-check: ₩458,333 × 12 ÷ ₩100,000,000 × 100 = 5.5% — matches exactly.
Use the Jeonse-Wolse Calculator to run different scenarios instantly by changing any of the inputs.
The Legal Cap — Always Check It
Under the Housing Lease Protection Act, the maximum permitted conversion rate is the lower of the Bank of Korea base rate plus a margin set by Presidential Decree. Because the base rate changes over time, the exact ceiling varies — never assume a fixed number without checking the current official notice. If a landlord proposes a rate above the legal cap, the tenant can demand a reduction, and any contractual clause that overrides this protection in the tenant's disfavour is void.
Related Tools
Need to check apartment area? The Pyeong Calculator converts between pyeong and m² for both gross and net floor areas. If you are unsure about the different area types used in Korean real-estate listings, see Korean Apartment Area Types Explained.
Enter the deposit amount and conversion rate — get monthly rent instantly. Free.
Calculate Now →Frequently Asked Questions
Q. Is the conversion rate the same as a mortgage interest rate?
No. The conversion rate is specifically the annualised rate used to convert a deposit into monthly rent within a lease. A mortgage rate, by contrast, is the interest charged by a bank on a home loan. Both relate to housing finance but are entirely separate concepts.
Q. What happens if the landlord exceeds the legal cap?
The tenant can legally demand a reduction in the monthly rent to bring it within the cap. Any lease clause that purports to allow a higher rate is unenforceable to the extent it disadvantages the tenant.
Q. Can I calculate in reverse — increase the deposit to reduce monthly rent?
Yes. Rearrange the formula: the additional deposit needed = (rent reduction per month × 12) ÷ conversion rate × 100. The calculator supports both directions.
Q. Does the same formula apply to commercial properties and officetels?
The formula is the same, but the legal cap only applies to residential housing. Commercial leases and business-use officetels are governed by the Commercial Building Lease Protection Act or by mutual agreement, so you should verify separately.