Monthly repayment, total interest and total cost of a business term loan, including upfront fees.
Enter the amount you would borrow, the annual interest rate in the offer, the term in years and any fees you pay upfront or that are added at settlement. The calculator assumes level monthly repayments of principal and interest (an amortising loan), with interest calculated monthly at one twelfth of the annual rate.
The monthly repayment uses the standard annuity formula: repayment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate and n the number of months. Total interest is the repayments added up minus the amount borrowed. Total paid adds the upfront fees.
Worked example (illustrative): $150,000 over 5 years at 9.5% a year. The monthly rate is 0.7917% and there are 60 repayments, giving about $3,150 a month. Sixty repayments come to about $189,000, so interest is about $39,000. Add $1,500 of fees and the total cost is about $190,500.
Limits: the tool does not model interest-only periods, balloon payments, ongoing monthly account fees, weekly or daily repayments, or a variable rate that changes during the term. For a short-term loan quoted as a factor rate, use the factor rate guide first. Read the repayment and comparison worked example to see how fees change the ranking of offers.
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