The amount, the annual rate and the months go in; a level payment comes out. The calculator returns a level payment; interest-only months and other cases are worked by hand on this page with invented figures.
Term loan calculator, run on a griddle line and waffle stations for a Sevierville, TN pancake house
Illustration only, invented figures: a pancake house in Sevierville, TN finances $18,400 for a flat-top griddle line and two waffle stations at 11.55% over 24 months. Entered in the calculator, those three inputs give a payment close to $862.29. The schedule shows where each payment goes:
| Month | Payment | Interest | Principal | Balance after |
|---|---|---|---|---|
| 1 | $862.29 | $177.10 | $685.19 | $17,714.81 |
| 2 | $862.29 | $170.51 | $691.78 | $17,023.03 |
| 3 | $862.29 | $163.85 | $698.44 | $16,324.59 |
| 12 | $862.29 | $100.96 | $761.33 | $9,728.19 |
Across 24 payments the restaurant pays $20,694.96, so $2,294.96 is interest. The interest part falls every month as the balance shrinks, which is what amortization means. A vent hood over the griddle line would be building work outside this site.
Term loan rate calculator inputs: one dump trailer for a Sevier County, TN landscaping crew at two rates
The calculator does not work out a rate; the rate is an input. Running the same loan at two rates shows how much a rate difference moves the payment. A landscaping crew in Sevier County, TN pricing an $11,600 dump trailer can try both:
| Annual rate | Monthly payment | Total repaid | Interest |
|---|---|---|---|
| 10.6% | $441.86 | $13,255.80 | $1,655.80 |
| 12.9% | $454.42 | $13,632.60 | $2,032.60 |
At 12.9%, the crew pays $12.56 a month above the 10.6% schedule and $376.80 of extra interest by the last payment. An offer's rate, not a guess, is the number to enter.
The term moves the result as much as the rate does. Kept at 10.6% but cut to 24 months, the same invented trailer costs $538.50 a month and $1,324.00 in interest: $96.64 more each month than the 30-month schedule, and $331.80 less in interest. A crew that can carry the larger payment pays less for the money; a crew that needs room in its monthly budget may prefer the longer term and its higher total. Running both versions through the calculator before the call puts the trade-off in plain dollars.
Bank-style term loan calculator for a Sevier County, TN real estate office pricing a drone camera kit
Bank-style here means a standard amortizing loan: the same payment every month, interest charged on the remaining balance, and the balance at zero after the last payment. That is the only kind of loan this calculator computes.
Illustration only, invented figures: a real estate office in Sevier County, TN prices a drone camera kit for listing photos at $6,800. Spread over 18 months at 12.35%, the kit asks $415.78 of the office each month, $7,484.04 in all, which leaves $684.04 as the cost of the money.
Term in months is the input that trips people up. Typing 1.5 for a year and a half asks for a loan of under two months, and the payment comes out far too high.
Term loan yield, worked by hand: rolling racks and floor mirrors at a Sevierville, TN clothing store
Lenders speak of yield when they mean what a loan earns them. For an owner, the useful by-hand figure is the interest as a share of the amount borrowed.
Illustration only, invented figures: a clothing store in Sevierville, TN finances $9,900 of rolling racks and floor mirrors at 13.05% over 15 months. The payment is $718.87, the 15 payments total $10,783.05, and the $883.05 of interest equals 8.9% of the amount borrowed (our arithmetic).
That share is not an annual rate: it covers 15 months, and the balance falls the whole time. It is a plain way to see what the money costs in dollars before comparing offers. The resources page pairs this worksheet with a payment-to-deposits test and two machine quotes compared line by line.
By Boldwick Funding Group ยท Updated
