Ksh 2,000,000 loan at I&M Bank for 15 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 2,000,000 fixed-rate loan over 15 years has a monthly repayment of Ksh 30,638. Total cost: Ksh 5,514,921 (Ksh 3,514,921 interest).
Monthly repayment
Ksh 30,638
At 16.90% · 180 payments
Total repayment
Ksh 5,514,921
2.76× the borrowed amount
Total interest
Ksh 3,514,921
Ksh 367,477 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 32,070 | Ksh 335,591 | Ksh 1,967,930 |
| Year 2 | Ksh 70,001 | Ksh 665,322 | Ksh 1,929,999 |
| Year 3 | Ksh 114,862 | Ksh 988,122 | Ksh 1,885,138 |
| Year 4 | Ksh 167,920 | Ksh 1,302,725 | Ksh 1,832,080 |
| Year 5 | Ksh 230,674 | Ksh 1,607,633 | Ksh 1,769,326 |
| Year 6 | Ksh 304,894 | Ksh 1,901,075 | Ksh 1,695,106 |
| Year 7 | Ksh 392,676 | Ksh 2,180,954 | Ksh 1,607,324 |
| Year 8 | Ksh 496,498 | Ksh 2,444,794 | Ksh 1,503,502 |
| Year 9 | Ksh 619,291 | Ksh 2,689,662 | Ksh 1,380,709 |
| Year 10 | Ksh 764,521 | Ksh 2,912,094 | Ksh 1,235,479 |
| Year 11 | Ksh 936,288 | Ksh 3,107,988 | Ksh 1,063,712 |
| Year 12 | Ksh 1,139,441 | Ksh 3,272,496 | Ksh 860,559 |
| Year 13 | Ksh 1,379,716 | Ksh 3,399,883 | Ksh 620,284 |
| Year 14 | Ksh 1,663,895 | Ksh 3,483,365 | Ksh 336,105 |
| Year 15 | Ksh 2,000,000 | Ksh 3,514,921 | 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 2,000,000 loan over 15 years would run about Ksh 21,935/month — saving Ksh 1,566,673 in interest. See the Citibank N.A. Kenya version →