Is the Loan Calculator free?

Yes — the Loan Calculator is completely free, with no account, subscription, signup, or usage limits.

Is my data uploaded or stored?

No. The Loan Calculator processes everything locally in your browser. Your input is never uploaded, saved, or shared with any server.

Does the Loan Calculator work offline?

Yes. Once the page has finished loading, the Loan Calculator works without an internet connection.

Which browsers does the Loan Calculator work in?

The Loan Calculator works in all modern browsers, including Chrome, Firefox, Safari, and Edge — no plugins or extensions needed.

What formula does the loan calculator use?

The calculator uses the standard fixed-rate amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This is the formula used by banks for most consumer loans.

Does this calculator account for fees, insurance, or balloon payments?

No — it calculates pure principal-and-interest repayments. Real loan costs often include origination fees, insurance premiums, and other charges that your lender will detail in the loan agreement. Use this tool to estimate and compare; always check the final terms with your lender.

How do I reduce the total interest I pay?

Three approaches: (1) make a larger down payment to reduce the principal, (2) choose a shorter term — halving the term roughly halves the total interest even if the monthly payment is higher, (3) negotiate a lower rate. Even a 1–2% rate difference makes a significant difference over a multi-year term.

Loan Calculator

Calculate monthly repayments, total interest, and full loan amortization.

Loan Amount

₦

Annual Interest Rate (%)

Loan Term

Free browser-based tool · Runs 100% on your device · Last updated July 7, 2026

What is the Loan Calculator?

The free Loan Calculator computes your monthly repayment, total amount repayable, and total interest for any loan — in seconds. Enter the Loan Amount, Annual Interest Rate (%), and Loan Term (in months or years), and the tool shows your exact monthly instalment alongside a full amortisation breakdown. Used for personal loans, mortgages, car finance, or business credit in any currency.

→ Calculate monthly repayments before taking a personal or business loan
→ Compare total interest costs across different loan terms or interest rates
→ Determine the maximum loan amount you can afford given a target monthly payment
→ Plan mortgage or vehicle finance repayments before visiting a bank
→ Evaluate whether to take a short-term high-rate loan vs a longer lower-rate option

How to Use the Loan Calculator

1 Enter the total amount you want to borrow in the Loan Amount field.
2 Enter the annual interest rate (e.g. 18 for 18% per year) in the Annual Interest Rate (%) field.
3 Enter the repayment period in the Loan Term field and select Months or Years from the dropdown.
4 Read the results: Monthly Repayment shows your instalment, Total Repayable shows the full amount you will pay back, and Total Interest shows the cost of borrowing.

Key Features

💳
Monthly instalment

Uses the standard amortisation formula — the same one banks use for fixed-rate loans.
📊
Total interest cost

Shows the full cost of borrowing, not just the monthly figure.
📅
Months or years

Enter your term in either months or years using the dropdown.
⚡
Instant results

All figures update as you type.
🆓
Free, no signup

Use unlimited times with no account.

Example Usage

Example Input

Loan: ₦500,000 | Rate: 18% p.a. | Term: 2 years

Example Output

Monthly Repayment: ₦24,969.54
Total Repayable:   ₦599,268.90
Total Interest:    ₦99,268.90

Frequently Asked Questions about the Loan Calculator

What is the Loan Calculator?: The Loan Calculator is a free online tool that lets you calculate monthly repayments, total interest, and full loan amortization. It runs entirely in your browser, so there is nothing to install and nothing is uploaded to a server.
Is the Loan Calculator free?: Yes — the Loan Calculator is completely free, with no account, subscription, signup, or usage limits.
Is my data uploaded or stored?: No. The Loan Calculator processes everything locally in your browser. Your input is never uploaded, saved, or shared with any server.
Does the Loan Calculator work offline?: Yes. Once the page has finished loading, the Loan Calculator works without an internet connection.
Which browsers does the Loan Calculator work in?: The Loan Calculator works in all modern browsers, including Chrome, Firefox, Safari, and Edge — no plugins or extensions needed.
What formula does the loan calculator use?: The calculator uses the standard fixed-rate amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This is the formula used by banks for most consumer loans.
Does this calculator account for fees, insurance, or balloon payments?: No — it calculates pure principal-and-interest repayments. Real loan costs often include origination fees, insurance premiums, and other charges that your lender will detail in the loan agreement. Use this tool to estimate and compare; always check the final terms with your lender.
How do I reduce the total interest I pay?: Three approaches: (1) make a larger down payment to reduce the principal, (2) choose a shorter term — halving the term roughly halves the total interest even if the monthly payment is higher, (3) negotiate a lower rate. Even a 1–2% rate difference makes a significant difference over a multi-year term.