Loan repayment calculator

The level repayment on a reducing-balance loan, what it costs in interest, and how every repayment splits between interest and principal.

Amount borrowed

Interest rate24 for 24%

Term0.5 for six months

Repayments

Repayment each month₦196,164.26The same every period

Number of repayments: 36
Total repaid: ₦7,061,913.47
Total interest: ₦2,061,913.47

Arithmetic on the figures entered. Not investment advice.

Repayment schedule

Each repayment split into interest and principal, with the balance after it, in naira.

Repayment schedule
No.	Amount	Interest	Principal	Balance after
1	196,164.26	100,000.00	96,164.26	4,903,835.74
2	196,164.26	98,076.71	98,087.55	4,805,748.19
3	196,164.26	96,114.96	100,049.30	4,705,698.89
4	196,164.26	94,113.98	102,050.29	4,603,648.60
5	196,164.26	92,072.97	104,091.29	4,499,557.31
6	196,164.26	89,991.15	106,173.12	4,393,384.20
7	196,164.26	87,867.68	108,296.58	4,285,087.62
8	196,164.26	85,701.75	110,462.51	4,174,625.11
9	196,164.26	83,492.50	112,671.76	4,061,953.35
10	196,164.26	81,239.07	114,925.20	3,947,028.15
11	196,164.26	78,940.56	117,223.70	3,829,804.45
12	196,164.26	76,596.09	119,568.17	3,710,236.28
13	196,164.26	74,204.73	121,959.54	3,588,276.74
14	196,164.26	71,765.53	124,398.73	3,463,878.01
15	196,164.26	69,277.56	126,886.70	3,336,991.31
16	196,164.26	66,739.83	129,424.44	3,207,566.87
17	196,164.26	64,151.34	132,012.93	3,075,553.95
18	196,164.26	61,511.08	134,653.18	2,940,900.76
19	196,164.26	58,818.02	137,346.25	2,803,554.51
20	196,164.26	56,071.09	140,093.17	2,663,461.34
21	196,164.26	53,269.23	142,895.04	2,520,566.30
22	196,164.26	50,411.33	145,752.94	2,374,813.37
23	196,164.26	47,496.27	148,668.00	2,226,145.37
24	196,164.26	44,522.91	151,641.36	2,074,504.02
25	196,164.26	41,490.08	154,674.18	1,919,829.83
26	196,164.26	38,396.60	157,767.67	1,762,062.17
27	196,164.26	35,241.24	160,923.02	1,601,139.15
28	196,164.26	32,022.78	164,141.48	1,436,997.67
29	196,164.26	28,739.95	167,424.31	1,269,573.36
30	196,164.26	25,391.47	170,772.80	1,098,800.56
31	196,164.26	21,976.01	174,188.25	924,612.31
32	196,164.26	18,492.25	177,672.02	746,940.29
33	196,164.26	14,938.81	181,225.46	565,714.84
34	196,164.26	11,314.30	184,849.97	380,864.87
35	196,164.26	7,617.30	188,546.97	192,317.90
36	196,164.26	3,846.36	192,317.90	0.00

How it is calculated

r = annual rate ÷ repayments a yearn = years × repayments a yearrepayment = P × r ÷ (1 − (1 + r)^−n)interest in a period = balance × r; principal repaid = repayment − interest

Every repayment is the same. Interest is charged on the balance still owed, so early repayments are mostly interest and later ones mostly principal; the last repayment clears what is left. At a rate of 0% the repayment is the amount borrowed divided by n.

Enter the annual rate the period rate comes from: a loan at 2.5% a month is 30% a year here. A flat rate, charged on the original amount for the whole term, is a different loan and costs more than the same reducing-balance rate. Fees, insurance and repayment holidays are not included.