QuickCalc

Loan Repayment Calculator

Calculate monthly repayments for any personal or business loan.

Reviewed by The QuickCalc Editorial Team · Last updated · About our methodology

Enter your details

Result

Monthly payment
R2 539,34
Total interest
R52 360,56
Total repaid
R152 360,56

Inputs & results at a glance

Updates live as you change the form above.

ItemTypeValue
Loan amountInputR100 000,00
Interest rateInput18%
TermInput5 years
Monthly paymentResultR2 539,34
Total interestResultR52 360,56
Total repaidResultR152 360,56

About this calculator

Standard amortisation formula applied to the loan amount.

A loan repayment calculator works out the fixed monthly instalment for any personal or business loan in South Africa. Enter the loan amount, the annual interest rate quoted by your lender and the term in years, and you'll see the monthly payment along with the total interest you will pay across the life of the loan.

The maths behind the result is the same amortisation formula used for home loans: each month a portion of your payment covers interest charged on the outstanding balance and the rest reduces the capital. Early in the term, most of the instalment goes to interest. As the balance shrinks, more of each payment chips away at the principal until the loan is fully paid off.

Use the calculator to compare loan offers, test the impact of a shorter term, or check whether you can afford the monthly commitment before signing. Personal loan rates in South Africa typically range from around 16% to 27.75% (the National Credit Act maximum), and the calculator does not include initiation or monthly service fees, which differ between lenders.

How to use it

  1. 1Enter the loan amount. Type the amount you want to borrow.
  2. 2Enter the interest rate. Use the annual rate quoted by the lender.
  3. 3Choose the term. Pick the number of years over which you'll repay.
  4. 4Review the monthly payment. Compare the monthly instalment, total interest and total repaid.

How it works

A personal or business loan repayment schedule works the same way as a home loan: the outstanding balance is charged interest each month at the monthly rate (annual rate ÷ 12) and the fixed instalment covers that interest plus a portion of capital. The calculator uses the amortisation formula to solve for that fixed instalment, given the amount borrowed, the annual interest rate and the term in years.

In South Africa the National Credit Act caps unsecured personal loan interest at repo rate + 21% (roughly 29.25% in 2024/25), and most lenders quote a rate somewhere between prime and that cap depending on your credit profile. The calculator does not add the once-off initiation fee (capped at R1,207.50 including VAT) or the monthly service fee (capped at R69 including VAT), so factor those in when you compare offers. Shortening the term is usually the fastest way to cut total interest: on a R100,000 loan at 20%, going from 60 to 36 months roughly halves total interest paid.

Formula

M = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ]

P = amount borrowed; r = monthly interest rate; n = total number of months; M = monthly instalment (before fees).

Worked examples

R50,000 personal loan over 3 years at 22%

Monthly instalment ≈ R1,910. Total interest ≈ R18,760. Total repaid ≈ R68,760, excluding fees.

Same loan over 5 years

Monthly instalment drops to about R1,381, but total interest jumps to roughly R32,850 — nearly R14,000 more over the extra 2 years.

Frequently asked questions

Are lender fees included?

No. In South Africa lenders typically add a once-off initiation fee (capped at R1,207.50 including VAT) and a monthly service fee (capped at R69 including VAT). Ask for the total cost of credit before you sign.

What term should I choose?

Shorter terms cost far less in total interest but require higher monthly payments. As a rule of thumb, choose the shortest term whose instalment fits comfortably inside your monthly budget with a buffer.

What interest rate is realistic?

Unsecured personal loans in South Africa are capped at repo rate + 21% under the National Credit Act (roughly 29.25% at current repo). Actual rates range from about 16% to that cap depending on your credit profile.

Should I use a personal loan or a credit card?

Personal loans usually win for larger amounts repaid over 12+ months because the rate is fixed and the schedule is disciplined. Credit cards win for short-term spend you can clear inside the 55-day interest-free window. See our loans-vs-cards guide.

Can I settle early?

Yes. Under the NCA you may settle any credit agreement early. Ask the lender for a settlement quote — for agreements under R250,000 they may charge a small early settlement penalty.

Does the calculator handle debt consolidation?

Yes — add up your existing debts, enter the total as the loan amount, and use the interest rate offered on the consolidation loan. Compare the new monthly cost to what you're paying today.

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