Amortization Schedule Calculator Nigeria — Full Loan Payment Table
Generate a complete loan amortization schedule with monthly payment breakdown. Shows principal, interest, and balance for every month. Nigerian naira.
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Amortization Schedule
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Understanding Your Loan Amortization
The amortization schedule reveals the true cost of borrowing. For a ₦10M loan at 22% over 5 years, you pay roughly ₦6.6M in interest on top of the principal — totalling ₦16.6M. The earlier you pay off a loan, the more you save.
Use the yearly view for long-term loans (mortgages) to see how your equity builds over time.
Frequently Asked Questions
What is a loan amortization schedule?
An amortization schedule shows the breakdown of every loan payment — how much goes to principal and how much to interest. In early payments, most of your money pays interest. Later payments pay mostly principal. This calculator generates the full schedule for any Nigerian bank loan.
How is each monthly payment calculated?
The formula is: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly interest rate (annual ÷ 12), n = total months. The result is a fixed monthly payment that pays off the loan exactly over the specified tenure.
Why does so little principal get paid early in a loan?
Because interest is charged on the full outstanding balance, which is highest at the start. A ₦10M loan at 24% p.a. charges ₦200,000 in interest in month 1 alone. As you pay down the balance, the interest portion shrinks and more of each payment reduces principal.
What is the difference between monthly and yearly amortization views?
The monthly view shows every single payment in detail. The yearly summary aggregates 12 months of payments showing total principal paid, total interest paid, and remaining balance per year — easier to read for long loans like mortgages.
Can I use this for a Nigerian mortgage?
Yes. Nigerian mortgages through the Federal Mortgage Bank of Nigeria (FMBN) or commercial banks can have tenures of 10–30 years. Enter the loan amount, rate (FMBN offers 6%, commercial banks 20%+), and months (e.g., 240 for 20 years) to see the full schedule.