Calculate your monthly loan repayment under three methods — equal total payments, equal principal payments, or a payment amount you choose — with a full period-by-period schedule.
Kenyan lenders quote loan repayments three different ways depending on the product — a fixed monthly instalment, a fixed principal portion with declining interest, or a payment amount you choose yourself — and each method produces a different repayment schedule for the same loan. The Loan Repayment Calculator supports all three, so you can model a loan exactly the way your lender structures it.
What Are the Three Repayment Methods?
Equal total payments is the standard bank loan structure: one fixed monthly amount for the full term, with the interest and principal portions shifting each month as the balance declines. Equal principal payments keeps the principal portion constant every month instead, so the total payment starts higher and shrinks over time as interest is charged on a smaller balance. Enter payment amount flips the problem around — you choose a fixed payment, and the calculator works out how many months it takes to clear the loan.
How Does "Enter Payment Amount" Work?
Your chosen payment must exceed the interest due in the first month — if it doesn't, the balance never shrinks and the loan can't amortize, and the calculator will tell you the exact minimum payment required. The payment must also be less than the principal itself. Once a valid payment is entered, the calculator solves for the loan term and reduces the final instalment so the balance lands exactly on zero, rather than overshooting it.
How Do I Read the Results?
For Methods 0 and 2 you get a single monthly payment figure; Method 1 shows a first-and-last payment range since the total declines every month. All three methods report total interest paid, total amount repaid, and the loan term in months and years. Enable "Show Schedule" to see the full period-by-period table: payment, principal portion, interest portion, and remaining balance for every month of the loan.
Which Method Should You Compare Against Your Lender?
Most Kenyan bank and SACCO loans use equal total payments (Method 0) — check your loan agreement's repayment schedule against this calculator's Method 0 output for the same principal, rate, and term. If your lender instead describes a fixed principal amount each month with interest on top, that's Method 1. This calculator computes pure amortization math from the interest rate you provide; it does not know your specific lender's fees, insurance, or processing charges, so treat the total interest figure as the interest-only component of your loan cost.
What is the difference between equal payments and equal principal loan repayment?
Equal total payments keep the same monthly amount for the whole loan term, with interest and principal shifting each month. Equal principal payments keep the principal portion fixed every month, so the total payment starts higher and declines as the interest charged on the shrinking balance falls.
How much must my monthly payment be to pay off a loan?
Your payment must exceed the interest due in the first month, calculated as principal × annual rate ÷ 1200, otherwise the balance never reduces and the loan cannot amortize.