Loan Calculator
Compute monthly payment, total interest and export your full amortization schedule to Excel for easy budgeting.
These are approximate figures based on standard banking formulas. Actual payments may vary depending on specific bank terms, the exact disbursement date, and weekend/holiday payment rules.
Quick answers
What is 1.7% monthly interest as an annual rate?
20.4% per year. Multiply the monthly rate by 12 to get the annual rate. Mongolian banks usually advertise monthly rates, so convert to annual before comparing loans.
What is the monthly payment on a 10 million ₮ loan?
At 20.4% per year over 24 months, the annuity payment is about 510,914₮ per month with total interest around 2.26 million ₮. Enter your own amount, rate and term above.
Where can I get a loan amortization schedule?
The calculator above builds the full schedule — each payment's date, principal, interest and remaining balance — and exports it to Excel with one click.
How to use
- 1
Enter your total Loan Amount in MNT (Tugrik).
- 2
Input the Annual Interest Rate provided by your commercial bank.
- 3
Specify the Loan Term in months.
- 4
Choose the Lending Date.
- 5
The tool automatically calculates your monthly payment and the full amortization schedule.
- 6
Click the 'Download Excel' button to save your full amortization schedule.
Formula
Annuity vs equal-principal repayment
Banks structure loan repayment in one of two ways. With the annuity method the monthly payment stays the same, while the interest/principal mix inside it shifts over time. With the equal-principal method you repay the same amount of principal each month and interest is charged on the remaining balance, so early payments are higher and decrease every month. Consumer loans in Mongolia are usually annuity loans, and this calculator uses the annuity method.
Example: a 10,000,000₮ loan at 20.4% per year for 24 months:
| Annuity | Equal principal | |
|---|---|---|
| First monthly payment | 510,914₮ | 586,667₮ |
| Last monthly payment | 510,914₮ | 423,750₮ |
| Total interest | 2,261,941₮ | 2,125,000₮ |
Equal principal saves ~137 thousand ₮ in total interest but front-loads the payments. Figures use a flat monthly rate, so a bank's schedule may differ slightly depending on the disbursement date.
What is an amortization schedule?
An amortization schedule lists every payment's date, total amount, its interest and principal components, and the balance remaining afterwards. In the example above, of the first 510,914₮ payment, 170,000₮ is interest (10 million × 1.7% per month) and 340,914₮ is principal. As the balance falls the interest share shrinks — which is why extra payments early in the loan save the most interest.
The calculator above builds the full schedule with exact payment dates from your disbursement date and can export it with the Excel button. Interest is computed on the actual number of days in each month, so it tracks bank schedules closely.
How the term affects total interest
The same 10,000,000₮ loan at 20.4% per year over different terms:
| Term | Monthly payment | Total interest |
|---|---|---|
| 12 months | 928,261₮ | 1,139,126₮ |
| 24 months | 510,914₮ | 2,261,941₮ |
| 36 months | 373,677₮ | 3,452,375₮ |
| 48 months | 306,439₮ | 4,709,066₮ |
Stretching the term from 12 to 48 months cuts the monthly payment to a third but quadruples the interest cost. The shortest term you can comfortably afford is the cheapest.
What to check before taking a loan
The advertised rate alone doesn't capture the cost of a loan. Mongolian banks usually advertise monthly rates (1.7% per month = 20.4% per year), so convert everything to annual rates when comparing. Origination fees (typically 0.5–1%), insurance and account fees come on top, making the true cost higher than the headline rate — ask the bank for the all-in cost.
A common rule of financial health is to keep total monthly loan payments (new loan plus all existing ones) under half of your income. Use the loan affordability calculator to size a loan to your salary, and the mortgage calculator for apartment loans with down payment and VAT-refund specifics.