Loan/Mortgage EMI Calculator

Calculate your monthly loan repayment amount. Figures are estimates for illustrative purposes only.

Loan Amount

₦

500,000100,000,000

Loan Tenure

years

130

Annual Interest Rate

140

Monthly EMI

₦190,576

Loan Breakdown

Principal Amount

₦10,000,000

Total Interest

₦24,303,608

Total Payment₦34,303,608

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.

EMI Formula

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]

Where:

EMIEquated Monthly Instalment

PPrincipal loan amount

rMonthly interest rate (annual rate ÷ 12)

nTotal number of monthly instalments

Frequently Asked Questions

EMI stands for Equated Monthly Instalment. It is the fixed monthly amount a borrower pays to a lender on a specified date each month. EMI consists of both principal repayment and interest.

Standard commercial mortgage rates in Nigeria range from 18% to 30% per annum. The National Housing Fund (NHF) offers subsidised rates as low as 6%, and the Federal Mortgage Bank of Nigeria (FMBN) provides rates around 6-9% for qualifying applicants.

The National Housing Fund (NHF) is a government-backed scheme providing affordable mortgages at 6% interest to contributors. Employees contribute 2.5% of their basic salary, and after contributing for at least 6 months, they can apply for a mortgage.

No, this calculator shows the principal and interest components only. Additional costs such as legal fees, insurance, processing charges, and property valuation fees are not included. Your actual monthly obligation may be higher.

Yes, this EMI calculator works for any amortising loan — mortgages, car loans, personal loans, and business loans. Simply enter the loan amount, tenure, and applicable interest rate.