Loan calculator: monthly payment and amortization schedule
Work out the monthly payment on a bank loan, mortgage, car loan or business loan, the total interest, and the full payment schedule with Gregorian and Ethiopian dates. Download it as a CSV for Excel.
How it is calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), with r the monthly rate and n the number of months
Each month the interest is the remaining balance × r; the rest of the payment repays the loan
The last payment is adjusted so the balance ends at exactly zero
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Change the rate or the term to see how much interest a shorter loan saves. For business planning, the schedule opens in Excel or in ELIF's ERP.
What is the monthly payment on ETB 1,000,000 at 15% over 5 years?
About ETB 23,790 a month, with about ETB 427,396 of interest over the 60 payments.
Does it include bank fees?
No. It shows principal and interest only; ask your bank about service charges, insurance and any other conditions.
Can I see the dates in the Ethiopian calendar?
Yes. Every payment shows its Ethiopian date as well, and the CSV includes both.