Loan Calculator – Monthly Repayment & Total Interest
Work out the true monthly repayment and total interest on any loan before you sign. Enter the amount, the interest rate and the term, and see exactly what the loan costs you in total — not just the headline rate.
A loan offer usually shouts the monthly repayment and whispers the total cost. This loan calculator reverses that: it shows your monthly repayment, the total amount you will pay back, and how much of that is pure interest. Use it to compare offers from banks, cooperatives and loan apps on equal terms, and to test how a shorter term or a smaller amount changes the real cost of borrowing. Figures are estimates to help you compare, not financial advice.
How to use the loan calculator
Enter the loan amount — how much you plan to borrow.
Add the interest rate — the yearly rate on the offer you are checking.
Set the term — how many months you will take to repay.
Read the true cost — monthly repayment, total repayment and total interest, side by side.
What you get
Total interest shown — the full cost of the loan, not just the monthly figure.
Compare offers fairly — run each offer through the same maths.
Test scenarios — change the term or amount and watch the cost move.
Free, no sign-up — check a loan offer in seconds.
Frequently asked questions
How do I calculate my monthly loan repayment?
Enter the loan amount, the annual interest rate and the repayment term in months in the calculator above. It works out your monthly repayment, the total you will repay, and how much of that total is interest.
Why does the total interest matter more than the monthly payment?
Two loans with similar monthly payments can cost very different amounts overall. A longer term lowers the monthly payment but usually means much more total interest — the calculator shows both so you can compare honestly.
Can I use this for Nigerian bank and loan app offers?
Yes. Enter the amount, rate and term from any offer — bank, cooperative or loan app — and the calculator shows the true cost in naira terms.