Loan Payment Calculator
Enter the loan amount, monthly interest rate and term to get your fixed monthly installment (annuity method), total repayment and total interest. The amortization schedule lists how much of each installment goes to interest versus principal and the remaining balance month by month. For Turkish consumer loans, one checkbox adds the KKDF (15%) and BSMV (15%) taxes charged on interest — enable it to match the installments banks advertise.
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Frequently asked questions
How is a fixed loan installment calculated?
With the annuity formula: payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal, r the periodic (monthly) rate and n the number of installments. For 10,000 at 1% monthly over 12 months the installment is 888.49.
What are KKDF and BSMV?
Turkish consumer loans carry two levies on accrued interest: the Resource Utilization Support Fund (KKDF, 15%) and the Banking and Insurance Transactions Tax (BSMV, 15%). Together they raise the effective monthly rate by a factor of 1.30 — a 3% contractual rate effectively becomes 3.90%. Mortgages are exempt.
Why is the interest share highest in the first installments?
Interest accrues each month on the remaining balance. Early on the balance is large, so most of the installment covers interest; as the principal shrinks, the interest share falls and the principal share grows until the final payment is almost all principal.
How do I convert an annual rate to a monthly one?
For a simple annual rate, divide by 12. For a compound annual rate use (1 + annual)^(1/12) − 1. This calculator works with the monthly rate, which is how Turkish consumer loans are usually quoted.