Loan Calculator

 
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₦
%

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 Nov-2024
Last Payment Date Oct-2025

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 Nov-2024 300,000.00 26,235.44 2,250.00 23,985.44 276,014.56
2 Dec-2024 276,014.56 26,235.44 2,070.11 24,165.33 251,849.22
3 Jan-2025 251,849.22 26,235.44 1,888.87 24,346.57 227,502.65
4 Feb-2025 227,502.65 26,235.44 1,706.27 24,529.17 202,973.48
5 Mar-2025 202,973.48 26,235.44 1,522.30 24,713.14 178,260.33
6 Apr-2025 178,260.33 26,235.44 1,336.95 24,898.49 153,361.84
7 May-2025 153,361.84 26,235.44 1,150.21 25,085.23 128,276.61
8 Jun-2025 128,276.61 26,235.44 962.07 25,273.37 103,003.25
9 Jul-2025 103,003.25 26,235.44 772.52 25,462.92 77,540.33
10 Aug-2025 77,540.33 26,235.44 581.55 25,653.89 51,886.44
11 Sep-2025 51,886.44 26,235.44 389.15 25,846.29 26,040.14
12 Oct-2025 26,040.14 26,235.44 195.30 26,040.14 0.00
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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.