See what a loan will really cost before you sign. Enter the amount, the interest rate and how long you will take to repay, and the calculator shows the monthly repayment, the total you will pay back and how much of your income it takes.
Loan repayment calculator
See the monthly repayment, the full cost and whether it fits your income.
Repayment schedule
Compare up to three loan offers
Enter what each lender offered for the same amount. We rank them by the total you would repay, fees included.
Planning only: the lender's offer letter is what counts. Ask for the total amount you will repay before you sign.
How to use the loan calculator
- Enter the amount you want to borrow.
- Enter the interest rate from the lender’s offer and choose how it is quoted. Banks usually quote a yearly rate charged on the balance you still owe. Many quick-loan apps and some lenders quote a monthly flat rate charged on the full amount for the whole term, which costs much more than it sounds.
- Choose the repayment period with the slider.
- Under Fees and affordability, add any one-off fees and your monthly take-home pay to see how much of your income the repayment would take.
Yearly rate or monthly flat rate?
A loan at 5% a month flat is not the same as 60% a year on the balance. With a flat rate, you pay interest on the full amount every month, even after you have repaid most of it. Always ask the lender for the total amount you will repay, and compare loans on that figure.
Before you borrow
- Use lenders licensed by the CBN, or digital lenders registered with the Federal Competition and Consumer Protection Commission (FCCPC).
- Read the offer letter for fees, insurance and penalties for late or early payment.
- Never give a loan app access to your contacts or photos. Registered lenders are not allowed to shame borrowers by contacting their friends and family.
Frequently Asked Questions
How is the monthly repayment calculated?
For a yearly rate on the balance, the calculator uses the standard reducing-balance (amortisation) formula, the same as a spreadsheet’s PMT function. For a monthly flat rate, interest is the full amount × the monthly rate × the number of months, shared equally across the months.
How much of my income should go on repayments?
Many lenders look for repayments of about a third of take-home pay or less, but each lender sets its own limit. The calculator lets you change the percentage.
Does using this calculator affect my credit record?
No. Nothing you enter leaves your phone and no credit bureau is contacted.
Are fees included?
Only if you enter them under “Fees and affordability”. Add the management, insurance or processing fees from your offer letter to see the full cost.
