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Nigerian Loan Calculator

Calculate monthly repayments, compare bank offers, and check what you can afford.

Loan Details
₦
% p.a.
Monthly Repayment
₦76,381
Total Repayment
₦2,749,713
Total Interest
₦749,713
Interest Ratio
27.3%

Amortization (First 12 months)

MonthPaymentPrincipalInterestBalance
1₦76,381₦39,714₦36,667₦1,960,286
2₦76,381₦40,442₦35,939₦1,919,843
3₦76,381₦41,184₦35,197₦1,878,660
4₦76,381₦41,939₦34,442₦1,836,721
5₦76,381₦42,708₦33,673₦1,794,013
6₦76,381₦43,491₦32,890₦1,750,522
7₦76,381₦44,288₦32,093₦1,706,234
8₦76,381₦45,100₦31,281₦1,661,135
9₦76,381₦45,927₦30,454₦1,615,208
10₦76,381₦46,769₦29,612₦1,568,439
11₦76,381₦47,626₦28,755₦1,520,813
12₦76,381₦48,499₦27,882₦1,472,313
Extended

Extra Payments & What-If Scenarios

See how extra payments accelerate payoff and reduce total interest

See how extra monthly payments reduce your total interest and shorten your loan.

₦
%
₦
Without Extra
Total Interest
₦749,713
Payoff
36 months
With Extra Payment
Total Interest
₦474,900
Payoff
24 months
You save ₦274,812 in interest and pay off 12 months earlier.
Professional

Professional Loan Simulator

Full amortization with extra payments, lump sums, rate changes, and charts

₦
%
₦
₦
month
month
%
Summary
Actual Payoff
60 months
Total Interest
₦3,285,674
Totals
Total Payments
₦8,285,674
Interest % of Principal
65.7%
₦0.0M₦1.1M₦2.1M₦3.2M₦4.3M
Cumulative Principal Cumulative Interest
MonthPrincipalInterestBalanceCum. Interest
1₦46,428₦91,667₦4,953,572₦91,667
2₦47,279₦90,815₦4,906,293₦182,482
3₦48,146₦89,949₦4,858,147₦272,431
4₦49,029₦89,066₦4,809,119₦361,497
5₦49,927₦88,167₦4,759,191₦449,664
6₦50,843₦87,252₦4,708,349₦536,916
7₦51,775₦86,320₦4,656,574₦623,236
8₦52,724₦85,371₦4,603,850₦708,606
9₦53,691₦84,404₦4,550,159₦793,010
10₦54,675₦83,420₦4,495,484₦876,430
11₦55,677₦82,417₦4,439,807₦958,847
12₦56,698₦81,396₦4,383,109₦1,040,243
13₦57,738₦80,357₦4,325,371₦1,120,600
14₦58,796₦79,298₦4,266,575₦1,199,899
15₦59,874₦78,221₦4,206,701₦1,278,119
16₦60,972₦77,123₦4,145,729₦1,355,242
17₦62,090₦76,005₦4,083,640₦1,431,247
18₦63,228₦74,867₦4,020,412₦1,506,114
19₦64,387₦73,708₦3,956,025₦1,579,821
20₦65,567₦72,527₦3,890,457₦1,652,349
21₦66,770₦71,325₦3,823,688₦1,723,674
22₦67,994₦70,101₦3,755,694₦1,793,775
23₦69,240₦68,854₦3,686,454₦1,862,629
24₦70,510₦67,585₦3,615,945₦1,930,214
25₦71,802₦66,292₦3,544,142₦1,996,506
26₦73,119₦64,976₦3,471,024₦2,061,482
27₦74,459₦63,635₦3,396,565₦2,125,118
28₦75,824₦62,270₦3,320,740₦2,187,388
29₦77,214₦60,880₦3,243,526₦2,248,268
30₦78,630₦59,465₦3,164,896₦2,307,733
31₦80,071₦58,023₦3,084,825₦2,365,756
32₦81,539₦56,555₦3,003,285₦2,422,311
33₦83,034₦55,060₦2,920,251₦2,477,371
34₦84,557₦53,538₦2,835,694₦2,530,909
35₦86,107₦51,988₦2,749,587₦2,582,897
36₦87,685₦50,409₦2,661,902₦2,633,306
37₦89,293₦48,802₦2,572,609₦2,682,108
38₦90,930₦47,164₦2,481,679₦2,729,272
39₦92,597₦45,497₦2,389,082₦2,774,770
40₦94,295₦43,800₦2,294,787₦2,818,569
41₦96,023₦42,071₦2,198,764₦2,860,641
42₦97,784₦40,311₦2,100,980₦2,900,951
43₦99,577₦38,518₦2,001,403₦2,939,469
44₦101,402₦36,692₦1,900,001₦2,976,162
45₦103,261₦34,833₦1,796,740₦3,010,995
46₦105,154₦32,940₦1,691,585₦3,043,935
47₦107,082₦31,012₦1,584,503₦3,074,947
48₦109,045₦29,049₦1,475,458₦3,103,997
49₦111,044₦27,050₦1,364,413₦3,131,047
50₦113,080₦25,014₦1,251,333₦3,156,061
51₦115,153₦22,941₦1,136,180₦3,179,002
52₦117,265₦20,830₦1,018,915₦3,199,832
53₦119,414₦18,680₦899,501₦3,218,512
54₦121,604₦16,491₦777,897₦3,235,003
55₦123,833₦14,261₦654,064₦3,249,264
56₦126,103₦11,991₦527,960₦3,261,256
57₦128,415₦9,679₦399,545₦3,270,935
58₦130,770₦7,325₦268,775₦3,278,260
59₦133,167₦4,928₦135,608₦3,283,187
60₦135,608₦2,486₦0₦3,285,674
Total₦5,000,000₦3,285,674—₦3,285,674

Nigerian Bank Lending Rates (2026)

Loan TypeTypical RateNotes
Personal Loan (salaried)18–28%Salary deduction
Personal Loan (self-employed)24–35%Higher risk
SME Loan20–30%Collateral-based
NHF Mortgage6%Federal Mortgage Bank
Commercial Mortgage18–25%Commercial banks
Car Loan22–30%Asset-backed
Fintech / Payday30–60%+Short-term only

The CBN Monetary Policy Rate (MPR) is currently 26.5%. Bank lending rates are typically MPR + 3–8%.

FAQ

With flat rate, interest is applied to the original loan amount throughout. With reducing balance, interest is calculated on the outstanding balance only. A 20% flat rate is roughly equivalent to 37–38% reducing balance. Most Nigerian banks use reducing balance, but some fintechs use flat rate. Always ask which method your lender uses.
Shorter tenure = higher monthly payments, but much less total interest. Use the Extended tier's What-If Scenarios to see how even small extra payments dramatically reduce total cost. With Nigerian rates at 18–30%, a few extra years adds hundreds of thousands in interest.
DTI (Debt-to-Income ratio) is the percentage of gross monthly income going to debt repayments. Nigerian banks typically approve loans only if DTI is below 30–33%. If you earn ₦300,000/month, your max loan payment is around ₦90,000–₦99,000. Existing loans count too.
Most Nigerian banks allow early repayment, but some charge 1–3% penalty. Use the Professional tier to simulate lump-sum payments and see the exact interest savings. Early repayment is most effective in the first half of the loan term.
This calculator shows interest costs. Banks often add: management fees (0.5–2%), credit life insurance, stamp duty, and processing fees. Ask your bank for the Annual Percentage Rate (APR) — not just the interest rate.

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