Ksh 1,000,000 loan at I&M Bank for 15 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 1,000,000 fixed-rate loan over 15 years has a monthly repayment of Ksh 15,319. Total cost: Ksh 2,757,461 (Ksh 1,757,461 interest).
Monthly repayment
Ksh 15,319
At 16.90% · 180 payments
Total repayment
Ksh 2,757,461
2.76× the borrowed amount
Total interest
Ksh 1,757,461
Ksh 183,739 more than industry avg
Year-by-year amortisation
How each payment splits between interest and principal over time.
| End of year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| Year 1 | Ksh 16,035 | Ksh 167,796 | Ksh 983,965 |
| Year 2 | Ksh 35,000 | Ksh 332,661 | Ksh 965,000 |
| Year 3 | Ksh 57,431 | Ksh 494,061 | Ksh 942,569 |
| Year 4 | Ksh 83,960 | Ksh 651,363 | Ksh 916,040 |
| Year 5 | Ksh 115,337 | Ksh 803,817 | Ksh 884,663 |
| Year 6 | Ksh 152,447 | Ksh 950,537 | Ksh 847,553 |
| Year 7 | Ksh 196,338 | Ksh 1,090,477 | Ksh 803,662 |
| Year 8 | Ksh 248,249 | Ksh 1,222,397 | Ksh 751,751 |
| Year 9 | Ksh 309,645 | Ksh 1,344,831 | Ksh 690,355 |
| Year 10 | Ksh 382,260 | Ksh 1,456,047 | Ksh 617,740 |
| Year 11 | Ksh 468,144 | Ksh 1,553,994 | Ksh 531,856 |
| Year 12 | Ksh 569,721 | Ksh 1,636,248 | Ksh 430,279 |
| Year 13 | Ksh 689,858 | Ksh 1,699,941 | Ksh 310,142 |
| Year 14 | Ksh 831,947 | Ksh 1,741,683 | Ksh 168,053 |
| Year 15 | Ksh 1,000,000 | Ksh 1,757,461 | Ksh 0 |
Could you get this cheaper?
Currently the cheapest Kenyan lender on this CBK dataset is Citibank N.A. Kenya at 10.36%. The same Ksh 1,000,000 loan over 15 years would run about Ksh 10,967/month — saving Ksh 783,337 in interest. See the Citibank N.A. Kenya version →