Mortgage and Car Loan Repayment Calculator
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Use this calculator to estimate a fixed monthly repayment on a fully amortising, reducing-balance loan. It shows principal and interest only; it is not a lender’s quotation.
Calculator
Open the calculator in a separate page.
What to enter
- Loan amount: the amount borrowed, in Kenyan shillings. Use the financed amount rather than the full property or car price if you pay a deposit.
- Annual interest rate: the fixed annual percentage rate used to calculate interest. Enter 12 for 12%, for example. Do not substitute a flat-rate quotation or a fee-inclusive APR without checking the lender’s method.
- Term: the number of monthly payments, such as 60 months for five years.
Steps
- Enter the principal, annual rate and whole number of months.
- Select Calculate to see the monthly estimate, total principal-and-interest payments and total interest.
- Change one input at a time to compare scenarios. Keep the quoted interest method consistent.
- Use Reset to clear the figures.
- Ask the lender for its repayment schedule and total-cost breakdown before accepting a loan.
For example, borrowing KSh 1,000,000 at a fixed 12% a year for 60 months gives an estimated monthly repayment of KSh 22,244.45 under this method. This is an illustration, not a current market rate or offer.
What is excluded
The calculator does not model changing interest rates, daily-interest conventions, fees, insurance, taxes, a balloon payment, arrears or extra repayments. The lender’s instalments and final payment can differ because of its terms and rounding.
At a zero interest rate, the monthly amount is simply principal divided by months. For a positive rate, it uses P × r / (1 − (1 + r)^−n), where r is the annual percentage divided by 1200 and n is the number of months.
Tip: Compare total cost as well as the monthly amount. Extending a positive-rate loan can lower the instalment while increasing total interest.
