How the loan repayment calculator works
Enter the amount you want to borrow, the annual interest rate and the number of months you plan to take to repay the loan. The calculator estimates the regular monthly payment and separates the estimated interest from the total repayment.
Example
For a ₦500,000 loan at 15% annual interest over 24 months, the calculator estimates the monthly repayment using monthly interest and a standard amortization method.
Important before taking a loan
Check the lender's full repayment schedule and all fees before accepting an offer. Some lenders use flat-rate interest, while others use reducing-balance interest. A quoted interest rate may therefore not tell the whole cost of a loan.
Frequently asked questions
Does this calculator show the exact amount a lender will charge?
No. It provides an estimate. Lenders may add processing fees, insurance, taxes or other charges, and their interest method may differ.
What happens if the interest rate is 0%?
The loan amount is divided evenly across the repayment months, so total repayment equals the principal.
Can I use this for a Nigerian loan?
Yes. Enter the loan amount in naira and use the annual interest rate and repayment period supplied by the lender. Always compare the calculator result with the lender's official repayment schedule.