About loancalculator.ng

Why We Built This

Most financial calculators online use US or UK defaults. When a Nigerian searches "loan calculator," they get results with dollar signs, irrelevant tax bands, and rate suggestions that don't match what any Nigerian bank actually offers.

loancalculator.ng was built specifically for Nigerians:

• All calculations use Nigerian rates — CBN MPR, Nigerian bank lending rates, T-bill yields
• PAYE tax follows the Nigeria Tax Act 2025 (NTA 2025) with accurate CRA, pension, and NHF calculations
• All amounts are in Nigerian Naira (₦) using en-NG locale formatting
• Defaults reflect Nigerian realities — minimum wage, typical salary structures, property prices in Lagos and Abuja
• WhatsApp sharing built in — because that is how Nigerians actually share information

Our Calculators

Loan Calculator

Calculate monthly loan repayments using the reducing-balance method used by Nigerian banks. Compare two loan offers side by side, check your affordability using the 30% DTI rule, and see a full amortization schedule.

PAYE Tax Calculator

Accurate PAYE calculation under NTA 2025, including CRA (Consolidated Relief Allowance), pension deduction, and NHF contribution. Shows band-by-band tax breakdown and compares the new tax act with the old Finance Act 2020.

Salary Calculator

Full Nigerian salary deductions: PAYE, pension (8%), NHF (2.5%), and employer pension (10%). Compare two job offers and calculate what freelance hourly rate matches an employed salary.

Compound Interest Calculator

Grow savings at Nigerian investment rates — Treasury Bills (18–22%), fixed deposits (8–15%), money market funds. Calculate savings goals and compare investment options.

Mortgage Calculator

NHF mortgage at 6% vs commercial bank rates (18–25%). Includes closing costs common in Nigeria, affordability check, and rent vs buy analysis with Nigerian rent patterns (annual upfront payment).

Accuracy

We make every effort to ensure our calculations are accurate based on published regulations and market rates. However, these are estimates only. Individual situations vary, bank products have specific terms and fees, and tax calculations depend on your specific circumstances. Always verify with your bank, employer, or a qualified financial advisor before making financial decisions.

Privacy

We do not collect personal data. Calculator inputs stay in your browser. URL sharing encodes only the numbers you enter — no personal information. See our Privacy Policy.

Contact

Found an error or have a suggestion? We want to hear from you. Nigerian financial regulations and rates change frequently — if you spot something outdated, please let us know.