Willowharbor Credit, a small-business funding broker in Bloomington, Illinois, offers this free calculator for business-purpose loans. Enter an amount, rate and term to see the monthly payment, total interest and total repaid. Results are arithmetic for illustration only; lending partners set actual rates and terms.
The three inputs
- Loan amount: the amount financed. If there is a down payment, subtract it first.
- Annual interest rate: the yearly rate on the offer or one you want to test.
- Term in months: the length of the repayment schedule.
Equal monthly installments are assumed for the full term, and the widget reports three numbers: the payment each month, the interest over the life of the loan, and the sum paid back.
Check the arithmetic
As a test of the math only, enter $12,000 at a rate of zero over 12 months. The payment should be $1,000 a month, with no interest and $12,000 repaid. Any rate above zero adds interest, and a longer term lowers the payment but raises the total interest.
Left for you to add on paper
- Down payments. Subtract from the price before entering; add back to see the full cost.
- Fees. Origination or other fees are not included; add them to the total yourself.
- Balloon payments. The calculator does not model a balloon; it assumes the loan is fully paid by the last payment.
- Commercial real estate. Property loans have their own structures; this tool is for business-purpose loans such as term loans and equipment loans.
- Merchant cash advances. An advance is not a loan and is priced with a factor rate; this calculator does not apply.
Variable-rate offers change during the term; run a higher rate to see how much room you have.
Why McLean County, IL owners run the numbers
Most businesses in the county are small: 45.5 percent of its 3,481 employers had fewer than five employees in 2023 (County Business Patterns 2023). For a business that size, one monthly payment can be a large share of a slow month's cash, so it is worth testing the payment before you call anyone. Term loans and working capital explain what goes into the amount and term, and starting a construction company in McLean County shows where payment math fits into a first equipment purchase. The rest of Willowharbor's guides are listed on the resources page.
Figures here are illustration only; a real offer's price comes from the lending partner.
By Willowharbor Credit · Updated