This business term loan calculator works out the monthly payment, total interest and total repaid for any loan amount, interest rate and term you enter. Starway Business Loans, a small-business funding broker in Valdosta, GA, provides it for Lowndes County owners planning expansions and build-outs. It is illustrative arithmetic only, not an offer or an estimate of terms; lending partners set real rates and terms.
What to enter
- Loan amount: the sum you would borrow, after any cash you put in yourself.
- Interest rate: the annual rate printed on an offer, or a what-if rate of your own.
- Term: the number of monthly payments.
The calculator assumes equal monthly payments on a standard amortizing loan and shows three results: the monthly payment, the total interest over the term and the total repaid, which is the amount borrowed plus that interest.
A check on the arithmetic
To test the method only: a hypothetical $36,000 at a 0 percent rate over 36 months gives a payment of exactly $1,000 and no interest. Add any interest at all and both figures climb. These are arithmetic checks, not offers.
Working out the schedule by hand
The calculator does not print a month-by-month schedule, but you can build the first lines yourself:
- Interest for the month equals the balance times the annual rate, divided by 12.
- Subtract that interest from the monthly payment; the rest reduces the balance.
- Repeat with the new balance for the next month.
On a $60,000 balance, each percentage point of annual rate adds about $50 of interest in the first month ($60,000 × 0.01 ÷ 12). That is why early payments are mostly interest and why a longer term costs more in total even though each payment is smaller.
What it leaves out
- Origination, documentation or other fees: add them to the total repaid yourself.
- Balloon payments: if an offer ends with a lump sum, the calculator's equal-payment figure will not match it.
- Variable rates: the result holds only while the rate stays where you entered it.
- Weekly or daily payment schedules: the calculator works in months only.
An example from Lowndes County, GA practices
Lowndes County had 271 ambulatory health care employer establishments in 2023, including 39 dental offices (U.S. Census Bureau, County Business Patterns 2023). A practice adding an operatory might enter the build-out cost from a contractor's estimate, then try two or three terms to see how the payment and the total interest move. Equipment for the room is often financed separately; see medical and dental practice financing.
For how term loans work, read business term loans; for more tools and guides, the guide library.
Illustrative arithmetic only. Only lending partners can set actual rates and terms.
By Starway Business Loans · Updated