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Estimate the cost of a fixed-rate amortizing loan in Moroccan dirhams. Enter the term in years or months and add an optional down payment.
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How the amortizing loan formula works
The standard formula uses financed principal (P), monthly interest rate (r), and number of payments (n). The monthly rate is the annual rate divided by 100 and then 12. A down payment reduces principal before calculation.
Each payment is the same for a fixed-rate loan, but early payments generally contain more interest. At 0% interest, the calculator uses P ÷ n to avoid division by zero.
Total repayment sums the loan payments and excludes the initial down payment, fees, insurance, and taxes. Total interest is repayment minus financed principal.
Worked example
For a 200,000 MAD loan with a 20,000 MAD down payment, principal is 180,000 MAD. Over 10 years at 5.5%, 120 payments are estimated at 1,953.47 MAD, with total repayment of 234,416.76 MAD and interest of 54,416.76 MAD, excluding fees and insurance.
Frequently asked questions
How does the down payment affect the loan?
It is subtracted before monthly payments are calculated; the remainder is the principal financed.
What happens at 0% interest?
Principal is divided equally by the payment count, with zero total interest.
Can I enter the duration in months?
Yes. Choose months or years; years are multiplied by 12.
Does the estimate include fees and insurance?
No. Fees, insurance, taxes, penalties, and changing rates are excluded.
Is the summary a lender schedule?
No. It groups payments into concise periods. Use the lender’s schedule for contractual figures.