Loan Repayment Calculator
Estimate your monthly loan repayment, total interest and the total cost of a loan — then see how the first year's payments are split between interest and principal.
By Hiree Editorial · Independent educational publisher · Published 18 August 2026 · Updated 18 August 2026
Monthly repayment
R 2 709,27
Total interest
R 400 224,80
Total repaid
R 650 224,80
How your first 12 repayments break down
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | R 2 709,27 | R 2 447,92 | R 261,35 | R 249 738,65 |
| 2 | R 2 709,27 | R 2 445,36 | R 263,91 | R 249 474,74 |
| 3 | R 2 709,27 | R 2 442,77 | R 266,49 | R 249 208,24 |
| 4 | R 2 709,27 | R 2 440,16 | R 269,10 | R 248 939,14 |
| 5 | R 2 709,27 | R 2 437,53 | R 271,74 | R 248 667,40 |
| 6 | R 2 709,27 | R 2 434,87 | R 274,40 | R 248 393,00 |
| 7 | R 2 709,27 | R 2 432,18 | R 277,09 | R 248 115,92 |
| 8 | R 2 709,27 | R 2 429,47 | R 279,80 | R 247 836,12 |
| 9 | R 2 709,27 | R 2 426,73 | R 282,54 | R 247 553,58 |
| 10 | R 2 709,27 | R 2 423,96 | R 285,31 | R 247 268,27 |
| 11 | R 2 709,27 | R 2 421,17 | R 288,10 | R 246 980,17 |
| 12 | R 2 709,27 | R 2 418,35 | R 290,92 | R 246 689,25 |
Over 240 months (20 years), you'd repay R 650 224,80 — of which R 400 224,80 is interest. The final payment may differ by a few cents so the balance lands exactly at zero.
How the calculation works
This calculator uses the standard amortising-loan formula: the interest rate is divided by 12 to get a monthly rate, and every repayment is the same amount — part interest, part principal — until the balance reaches zero.
Worked example. A R250,000 loan at 11.75% p.a. over 20 years repays at R2,709.27 per month. The first payment is R2,447.92 interest and just R261.35 of principal — interest always comes first. Over the full term you repay R650,224.80 in total, of which R400,224.80 is interest.
The formula is the same one banks and spreadsheet PMT functions use for level-repayment loans. Want to do it by hand? Read our guide to calculating loan repayments.
Assumptions
This calculator assumes:
- A fixed interest rate for the entire term — no prime-linked increases or decreases.
- Level monthly repayments (amortising), with interest charged on the declining balance.
- The quoted rate is the only cost — no initiation fees, service fees, credit insurance or penalties.
- The annual rate is divided by 12 for monthly interest, and all amounts are rounded to cents.
Important limitations
- This is a mathematical estimate, not a lender's quote. South African lenders can add initiation fees, monthly service fees and credit insurance, and your personal rate depends on your credit profile. The National Credit Act caps interest (unsecured credit at repo + 21% p.a., for example) and limits these fees — but every lender's actual cost breakdown is different.
- Most personal loan rates are not fixed for the full term. Vehicle finance and many personal loans quote "prime plus" rates that move when the SARB moves the repo rate.
- Settling early usually costs less interest — but check for fees. Some agreements charge early-settlement or penalty fees that change the total.
- Hiree is not a lender, credit provider or financial adviser. We don't offer loans and we don't approve credit. Use this tool to plan and compare; get your actual figures from the lender's written quote.
Frequently asked questions
Why doesn't this match the repayment my lender quoted?
Three reasons: your actual rate may differ from the one you typed in (lenders quote based on your credit profile), lenders add fees that sit outside interest (initiation fees, monthly service fees, credit insurance), and some agreements don't amortise with level payments. Compare the calculator's number to the quote's interest and principal lines, then add the fee lines to see where the difference comes from.
What is the maximum interest rate a lender can charge in South Africa?
Under the National Credit Act, the maximum is the SARB repo rate plus a margin set by credit type — for example 21% for unsecured credit transactions, 14% for credit facilities and 12% for mortgage agreements. With the repo rate at 7.00% (from May 2026), unsecured credit is capped at about 28% p.a. The cap is fixed when the agreement is signed, and initiation and service fees are capped separately.
What is the in duplum rule?
The in duplum rule (National Credit Act s 103(5)) means that once you default, the interest, fees and other charges on the debt may not grow past the unpaid principal balance — so a R50,000 debt in default can never accrue more than R50,000 of charges. It caps how much a default can cost; it's not a reason to stop paying.
What's the difference between interest and fees?
Interest is the price of borrowing — a percentage of what you owe, charged for the time the money is outstanding. Fees are fixed charges for the lender's costs: an initiation fee when the loan is set up, a monthly service fee while it runs, and credit insurance premiums. Both are regulated, and both add to what you repay — that's why the calculator's total is lower than a real lender's full cost.
Related guides
How loan interest works in South Africa
From the repo rate and prime to the National Credit Act's interest caps and the in duplum rule — how loan interest really works in South Africa.
Read →How to calculate loan repayments (step by step)
How loan repayments are calculated, in plain English — the formula, a full worked example, and how to check any South African lender's quote.
Read →How to compare loan offers like a professional
The interest rate isn't the whole story. Here's how to compare loans on total cost, fees, APR and flexibility — not just the headline rate.
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