Ksh 2,000,000 loan at Middle East Bank for 20 years.
At Middle East Bank's current lending rate of 19.87%, a Ksh 2,000,000 fixed-rate loan over 20 years has a monthly repayment of Ksh 33,773. Total cost: Ksh 8,105,407 (Ksh 6,105,406 interest).
Monthly repayment
Ksh 33,773
At 19.87% · 240 payments
Total repayment
Ksh 8,105,407
4.05× the borrowed amount
Total interest
Ksh 6,105,406
Ksh 1,628,217 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 8,628 | Ksh 396,642 | Ksh 1,991,372 |
| Year 2 | Ksh 19,136 | Ksh 791,405 | Ksh 1,980,864 |
| Year 3 | Ksh 31,932 | Ksh 1,183,879 | Ksh 1,968,068 |
| Year 4 | Ksh 47,516 | Ksh 1,573,565 | Ksh 1,952,484 |
| Year 5 | Ksh 66,495 | Ksh 1,959,856 | Ksh 1,933,505 |
| Year 6 | Ksh 89,608 | Ksh 2,342,014 | Ksh 1,910,392 |
| Year 7 | Ksh 117,756 | Ksh 2,719,136 | Ksh 1,882,244 |
| Year 8 | Ksh 152,035 | Ksh 3,090,128 | Ksh 1,847,965 |
| Year 9 | Ksh 193,781 | Ksh 3,453,652 | Ksh 1,806,219 |
| Year 10 | Ksh 244,621 | Ksh 3,808,082 | Ksh 1,755,379 |
| Year 11 | Ksh 306,536 | Ksh 4,151,437 | Ksh 1,693,464 |
| Year 12 | Ksh 381,938 | Ksh 4,481,306 | Ksh 1,618,062 |
| Year 13 | Ksh 473,764 | Ksh 4,794,750 | Ksh 1,526,236 |
| Year 14 | Ksh 585,594 | Ksh 5,088,190 | Ksh 1,414,406 |
| Year 15 | Ksh 721,784 | Ksh 5,357,271 | Ksh 1,278,216 |
| Year 16 | Ksh 887,640 | Ksh 5,596,685 | Ksh 1,112,360 |
| Year 17 | Ksh 1,089,625 | Ksh 5,799,970 | Ksh 910,375 |
| Year 18 | Ksh 1,335,609 | Ksh 5,959,256 | Ksh 664,391 |
| Year 19 | Ksh 1,635,177 | Ksh 6,064,959 | Ksh 364,823 |
| Year 20 | Ksh 2,000,000 | Ksh 6,105,406 | 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 20 years would run about Ksh 19,780/month — saving Ksh 3,358,238 in interest. See the Citibank N.A. Kenya version →