Loan Calculator

 
SEE ALSO:   Pension Calculator   |  Income Tax Calculator  |  Salary Calculator  |  Mortgage Calculator  |  VAT Calculator  
OTHERS:  Kenya PAYE Calculator  |  Ghana PAYE Calculator  |  Nigeria PAYE Calculator  | South Africa PAYE Calculator  
₦
%

Monthly Repayment (₦) 26,235.44
Total Loan Payment (₦) 314,825.32
Loan Amount (₦) 300,000.00
Total Interest Paid (₦) 14,825.32
Number of Installments [n] 12.00
Annual Loan Rate (%) 9.00
Loan Duration (months) 12.00
First Payment Date Jun-2025
Last Payment Date May-2026

Loan Repayment Schedule

S/N Payment Date Current Balance Monthly Repayment Interest Paid Principal Paid New Balance
S/N Payment Date Current Balance Monthly Repayment Interest Paid Principal Paid New Balance
1 Jun-2025 300,000.00 26,235.44 2,250.00 23,985.44 276,014.56
2 Jul-2025 276,014.56 26,235.44 2,070.11 24,165.33 251,849.22
3 Aug-2025 251,849.22 26,235.44 1,888.87 24,346.57 227,502.65
4 Sep-2025 227,502.65 26,235.44 1,706.27 24,529.17 202,973.48
5 Oct-2025 202,973.48 26,235.44 1,522.30 24,713.14 178,260.33
6 Nov-2025 178,260.33 26,235.44 1,336.95 24,898.49 153,361.84
7 Dec-2025 153,361.84 26,235.44 1,150.21 25,085.23 128,276.61
8 Jan-2026 128,276.61 26,235.44 962.07 25,273.37 103,003.25
9 Feb-2026 103,003.25 26,235.44 772.52 25,462.92 77,540.33
10 Mar-2026 77,540.33 26,235.44 581.55 25,653.89 51,886.44
11 Apr-2026 51,886.44 26,235.44 389.15 25,846.29 26,040.14
12 May-2026 26,040.14 26,235.44 195.30 26,040.14 0.00
  Red * indicates required input.

Loan Calculator

This loan calculator helps you to calculate interest amount payable on a given loan and to generate loan schedule, that is, amortization schedule. It is very useful for loan such as housing loan, bank loan, student loan, auto loan, or car loan.

There is a common saying that says "count your cost." Before you take a loan, it is always good to know the associated cost. This utility provides insight into the total cost and repayment timelines.

Given a loan of 10,000 Naira at 8% annual interest rate to be repaid monthly over a period of 10 months, the monthly repayment will be 1,307.03 Naira.
Using Excel formula below will give you the monthly repayment amount.
Periodic Repayment = PMT(rate, number_of_installments, principal)
Monthly Repayment = PMT(0.08/12, 10, 10000)

One of the best banks to secure loan in Nigeria is GTBank which has offices in Nigeria, Ghana, Liberia, the Gambia and in the United Kingdom.