Loan repayment calculator
Move the sliders to see what a loan could cost per month. All figures are estimates only — your actual offer depends on the lender and your eligibility.
₦20,000₦5,000,000
1 month24 months
0.5%10%
Set this to the rate quoted in your offer. [Default is illustrative — confirm real rates with the lender.]
Estimated monthly repayment
₦50,231
- Total repayment
- ₦602,773
- Total interest
- ₦102,773
- Method
- Reducing balance
Estimates only. This calculator is for illustration and is not a loan offer. Actual amounts, rates, fees and schedules are set by the lender and shown in your offer before you accept. Nothing here is financial advice.
Reducing balance vs flat rate?
Reducing balance charges interest only on what you still owe, so total interest is lower. Flat rate charges interest on the original amount every month. Always ask which method a quoted rate uses — the same "3%" costs very different amounts.
Why is my real offer different?
Offers can include one-off fees, insurance, and instalment caps tied to your allowance or salary. Your offer letter shows the exact schedule — compare it against this estimate before accepting. See how to apply or browse FAQs.