Loan Repayment Calculator
Work out your monthly loan repayments, total interest, and full cost of any personal or vehicle loan.
Loan Summary
Amortization Summary
Enter your loan details to see the amortization summary.
How the Loan Calculator Works
This calculator uses the standard amortization formula to determine your fixed monthly repayment on a reducing-balance loan. The formula is:
PMT = P × [r(1+r)n] / [(1+r)n - 1]
Where P is the principal (loan amount), r is the monthly interest rate, and n is the number of payments (months).
What is Amortization?
With each monthly payment, a portion goes toward interest and the rest reduces your principal balance. Early in the loan, most of your payment goes to interest. Over time, more goes toward paying off the principal.
Tips for South African Borrowers
Interest rates on personal loans in SA typically range from 10% to 28% depending on your credit score and the lender. Always compare offers from multiple banks and check the total cost of credit, not just the monthly payment.