Loan Repayment Calculator

Estimate monthly repayments, total interest, and how much time extra payments can shave off your loan.

Loan Amount

₦

100,000100,000,000

Annual Interest Rate

140

Repayment Term

years

130

Extra Monthly Payment

₦

05,000,000

Monthly Repayment

₦126,967

Estimated Payoff Time

5.0

Based on your current repayment plan

Overpayment Impact

See how extra monthly payments change your total borrowing cost.

Base Interest Cost

₦2,618,028

Interest Saved

₦0

Months Saved

Repayment Breakdown

Principal Amount

₦5,000,000

Total Interest

₦2,618,028

Total Repaid₦7,618,028

Disclaimer

This calculator is for educational and illustrative purposes only. It does not constitute financial, investment, or tax advice. Results are estimates based on the inputs you provide and may not reflect actual returns. Consult a qualified financial advisor before making any investment decisions.

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Loan Repayment Formula

M = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]

Where:

MMonthly repayment amount

PPrincipal loan amount

rMonthly interest rate

nTotal number of monthly repayments

Frequently Asked Questions

Most bank, mortgage, and personal loans use an amortisation formula. Your monthly repayment is based on the loan amount, interest rate, and total repayment period. Early instalments contain more interest, while later instalments repay more principal.

An overpayment is any amount you pay above the required monthly instalment. It reduces the outstanding principal faster, which can shorten the loan term and lower the total interest you pay over the life of the loan.

Yes. This calculator works for any standard reducing-balance loan with fixed monthly repayments, including salary advances, auto loans, mortgages, and many SME facilities offered by Nigerian lenders.

No. The calculator estimates principal and interest only. Arrangement fees, insurance premiums, legal fees, processing charges, taxes, and penalty fees should be added separately when comparing real loan offers.

The total cost changes with the interest rate, tenure, and any extra payments you make. A lower rate or shorter tenure usually reduces total interest, while longer tenures lower the monthly payment but increase total repayment.