Loan simulator

A personal loan of 30 million pesos over 5 years at 22 % effective a year has a payment of 795,664 pesos of principal and interest. Life cover, charged as Bancolombia charges it since November 2025 —1,435 pesos a month per million lent, from 18 to 55 years of age—, adds 43,050 pesos: the payment that arrives is 838,714.

Over the five years 17,739,840 pesos go to interest and 2,583,000 to insurance. That is why two loans at the same rate can cost differently: the insurance is not in the rate.

With 60 million over 6 years at 20 % for an 80 million car, the payment is 1,381,094 pesos, plus 86,100 of life cover and about 200,000 of comprehensive cover: 3 % of the car’s value a year, within a range of 2 % to 4 %. The payment with insurance is 1,667,194 pesos.

Over the six years insurance adds up to 20,599,200 pesos, more than half the 39,438,748 of interest. Comprehensive cover falls as the car loses value; here it is kept fixed, the most expensive case.

With 150 million over 15 years at 15 % effective a year, close to the October 2026 average for non-social housing in pesos, the fixed payment is 2,003,451 pesos and interest adds up to 210,621,101. With constant principal the first payment is 2,590,571 and the last 843,096, and interest falls to 159,029,997: 51.6 million less, in exchange for higher payments at the start.

A mortgage carries two insurances: life cover, on the balance and by age —0.0169 % a month at 35 in Bancolombia’s table, which rises every year with age—, and fire and earthquake, on the insurable value: the building, without the land, at 0.0148 % a month at DAVIbank. For a building of 160 million they come to 49,030 pesos the first month.

In UVR the debt is counted in units that rise with inflation, and the rate is a margin over them: the October 2026 average for non-social housing was UVR + 9.31 %. With 150 million at UVR + 9 % and inflation of 5 % a year, the first payment is 1,496,292 pesos and the last 3,098,062: it doubles.

In total 157,554,581 pesos go to interest and 88,700,379 to the UVR adjustment, 396.3 million with the principal, against 360.6 million for the same loan in pesos at 15 %. What it really costs depends on inflation: below the assumption, less; above it, more.

In a home lease the bank buys the home and you pay it off in instalments; at the end you take up the purchase option, between 1 % and 20 % of the value depending on the contract. With 180 million over 15 years at 15 % and a 10 % option, the instalment is 2,374,595 pesos and the 18 million option is paid with the last one.

The higher the option, the lower the instalment, but the bigger the final payment. A prepayment lowers the instalment or shortens the term, as you choose, and the option stays as agreed: 2 million with instalment 12 shortening the term leave the lease at 174 instalments instead of 180. The insurance is the same as a mortgage’s.

In the payment plan every payment has its prepayment box. On the 150 million mortgage at 15 %, 10 million with payment 12 shortening the term and another 10 with payment 24 lowering the payment leave the loan at 151 payments instead of 180, with a principal-and-interest payment of 1,846,700 pesos from payment 25.

Interest falls from 210,621,101 to 152,613,760 pesos: 58 million less for 20 million prepaid. The first prepayment shortens the loan; the second, since you asked it to lower the payment, keeps that new end and spreads what is left in lower payments.

If the rate changes —a variable-rate consumer loan, or refinancing with another bank—, the payment is recalculated from that payment to end on the same date. On a home loan the rate is fixed by law and only comes down with a refinancing or a cut the bank agrees to: on the same loan, moving to 12 % from payment 13 lowers the payment from 2,003,451 to 1,751,873 pesos, and interest from 210.6 to 168.4 million.

The cyclic UVR payment falls within each year as projected inflation does, so in pesos it stays the same for twelve months and rises at each anniversary. With 150 million at UVR + 9 % and 5 % inflation, it is 1,529,447 pesos all of the first year, 1,605,919 the second and ends at 3,028,200.

Some consumer loans are backed by a guarantee fund, the Fondo Nacional de Garantías or the FGA, which charges a fee: once at disbursement, or every year in advance on the balance, always with 19 % VAT. The rate depends on the programme and appears in the offer.

With a 2 % yearly fee on the balance, the 30 million personal loan pays 714,000 pesos the first year and 2,421,205 over the five: more than one of those years of life cover.