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Loan Repayment Calculator
Work out the true cost of borrowing: per-period payments, total interest, payoff date, extra-payment savings, and a full amortization schedule — in seconds.
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Your results
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Enter your loan details and press Calculate repayment to see your payment, total interest, payoff date, and schedule.
- Total amount repaid
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- Total interest paid
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- Total principal
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- Number of repayments
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- Loan payoff date
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Impact of extra payments
Add an optional extra payment above to see how much interest you could save and how much sooner you could be debt-free.
Fixed-rate, level payments using the standard amortization formula. First payment assumed one period after the start date. Figures are rounded to the cent.
Principal vs interest
Amortization schedule
| # | Date | Payment | Principal | Interest | Extra payment | Remaining balance |
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Frequently asked questions
What is an amortization schedule, and why does each payment change?
An amortization schedule is a period-by-period breakdown of your loan. For every payment it shows how much goes to interest, how much reduces the principal, any extra payment, and the balance that remains. Early in the loan most of each payment is interest, because the balance is high; as the balance falls, the split gradually flips toward principal. Lenders use it to see exactly how — and when — the loan is fully paid off.
How is the interest on each payment calculated?
Divide the annual rate by the number of payment periods per year to get the period rate (divide by 12 for monthly, 26 for biweekly, 52 for weekly), then multiply it by the balance at the start of that period. For example, on a ₦1,000,000 loan at 12% per year, the first month’s interest is ₦1,000,000 × (0.12 ÷ 12) = ₦10,000. As your balance shrinks, so does the interest portion of every later payment.
How do extra payments reduce my total interest?
Extra payments are applied straight to the principal, so future interest is calculated on a smaller balance. That shrinks every later interest charge and lets you retire the loan earlier. Even a modest regular extra payment can cut the payoff date by months or years and save substantial interest — enter one in the calculator’s extra-payment field to see the exact savings for your loan.
Monthly, biweekly, or weekly — which frequency should I choose?
Each frequency simply changes how often you pay: 12, 26, or 52 times per year. Because this calculator sizes each payment with the standard amortization formula, the overall cost over the same term is similar, but the cash-flow rhythm differs. Paying more frequently brings the balance down sooner, which can shave a little interest off the total. Note that 26 biweekly payments equal 13 monthly payments’ worth per year — the classic “1/13” strategy — but first check that your lender accepts off-cycle payments without fees.