About this calculator
            
        
    
    

        

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Calculator Information
The Loan Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for your loan product.

The  Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment.

The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Calculator Assumptions
Length of Month
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a Year
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each Repayment
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time Saved
The time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest Saved
This amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator Disclaimer
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
        
    



    

        

            
Use Our Loan Calculator To Estimate Your Next Loan Details
        
    
    

        

            

                

                    

                        
                        Loan Amount Please enter your loan amount here.

                        

                            KSh                           
                            
                        
                        
                    
                    

                        No. of PaymentsPlease enter the number of years in which you plan to repay the loan.
                        

                            
                                                                 
                                        Monthly    
                                    
                                                        
                        

                        
                        
                        
                        
                         
                    
                    

                        

                            Payment Mode
                            
                                 In Advance
                                 In Arrears
                            
                        
                    
                
                

                    

                        Interest RateThe interest rate will default to the product you selected. You can also change the rate up or down to understand the effect on your repayments and total interest payable.
                        

                            
                            
                        
                        
                    
                                        

                       
                        

                            

                            


                        
                        
                    
                
                
            
        
                

            

                

                    

                    


                                                                    
                                                
                        
                                                            
                                Loan Amortisation Table
                               
                        
                                                                        

                            
                                                   
                            

                                                                    

                                        

                                            
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Period
                                
Payment
                                
Interest
                                
Balance
                            
                            
                            

                            
                        
                    
                    
                
                
            
            

            

                    

                        

                            
                            
                        
                        

                        KSh   
                        
                    
                

                        

                            Total interest payable
                        
                        

                        KSh  over  
                        

                    
                    

                        

                            Balloon amount (0.00%)
                        
                        

                        KSh0.00
                        

                    
            
                                    
        
    
             

            

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Calculator Disclaimer
        
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.