Payment, term and the cost of borrowing
A fixed-rate loan is repaid in equal monthly instalments. Stretching the term lowers each payment but raises the total interest you pay. With Nigerian rates this adds up fast, so the calculator shows both to help you weigh affordability against the overall cost.
Common questions
Any fixed-rate loan with equal monthly payments — personal loans, car loans, salary advances. For a home loan, use the mortgage calculator.
Many Nigerian lenders quote a flat (add-on) rate, which makes the true effective rate much higher. This calculator uses a standard amortising rate, so compare carefully.
No. Management and insurance fees can raise the real cost, so your effective rate may be higher than the rate entered.