Rowanwood Lenders, a small-business funding broker in Santa Fe, New Mexico, offers this business loan payment calculator. Enter an amount, an annual interest rate and a term in months to see the monthly payment, total interest and total repaid for a fixed-payment loan. Results are estimates; lending partners set actual rates and terms.
What to enter
- Amount: how much you would take.
- Rate: the annual interest rate quoted, as a percentage.
- Term: the number of months to repay.
The calculator assumes a standard fixed-payment loan: equal monthly payments, interest charged on the declining balance, and no fees. Use figures from a real offer when you have one; otherwise treat any rate you enter as a placeholder.
Reading the three results
Monthly payment is what leaves your account each month. Total interest is the cost of borrowing over the full term. Total repaid is the amount plus total interest. Comparing two offers on total repaid, not just on the monthly payment, shows whether a longer term is costing you more overall.
A worked example
Hypothetical figures, not an offer: a Santa Fe, NM shop considering a $25,000 loan for display cases over 36 months, with 9 entered as the annual rate, would see a monthly payment of about $795 and total interest of roughly $3,620. Stretching the same amount to 60 months lowers the payment to about $519 but raises total interest to about $6,140. The calculator lets you test that trade-off in seconds.
Running two offers through it
Enter each offer separately and write down the three results. The offer with the lower monthly payment is not always cheaper: a longer term lowers the payment and raises total interest. If one offer has fees and the other does not, add the fees to the total repaid by hand before comparing. And if one of the offers is a merchant cash advance, set it aside from the calculator entirely and compare the advance's total remittance with the loan's total repaid.
Gaps in the calculator's picture
- Origination or other fees, which change the true cost
- Variable rates that move over time
- Weekly or daily payment schedules; it computes monthly only
- Merchant cash advance costs, which use a factor rate rather than an interest rate
- Whether any partner would approve the loan
For a weekly schedule, divide the monthly figure by about 4.33 as a rough check, then ask the partner for its exact payment. For merchant cash advances, total the remittances by hand as described on our advance page.
Where the result fits
Payments for a remodel or expansion are covered on the term loan page; short gaps are on the working capital page. Other New Mexico guides sit onthe resources page.
By Rowanwood Lenders · Updated