Type in the balance drawn, the annual rate and how many months the payoff should take. The calculator returns a level monthly payment, total interest and total paid back. New draws, interest-only stretches and fees sit outside its arithmetic.
Equipment repayment calculator use: a copier and scanners for a Fulton County, GA law office
For an equipment purchase, subtract any down payment from the price and put the remainder in the amount box; the rate and the months work the same way.
Every figure in the table comes from the same level-payment formula the calculator runs: the monthly rate is the annual rate divided by 12, and the payment is the one that brings the balance to zero in the last month. A reader can check any row by entering it in the calculator on this page.
| Case | Amount | Rate (annual %) | Term | Monthly payment |
|---|---|---|---|---|
| Copier and scanners, Fulton County, GA law office | $18,500 | 9% | 36 months | $588.30 |
| Term loan, Johns Creek, GA physician office | $75,000 | 10.5% | 60 months | $1,612.04 |
| Nail tables drawn on a line, Johns Creek, GA salon | $6,400 | 13.5% | 12 months | $573.13 |
| Secure servers on a line, Fulton County, GA law office | $15,000 | 12.25% | 18 months | $916.47 |
Term loan repayment calculator for a Johns Creek, GA physician office
A term loan is the calculator's home ground: one amount, one rate, a fixed number of months. In the table above, the physician office's $75,000 at 10.5% over 60 months comes to $1,612.04 a month. Enter the term in months; typing 5 for five years instead of 60 makes the payment come out far too high.
Line of credit calculator payment on nail tables drawn at a Johns Creek, GA salon
A line has no fixed payoff unless the business picks one. A salon that drew $6,400 for new nail tables and wants it gone in 12 months enters those figures with the line's rate: at 13.5%, the payment is $573.13 a month. If the line agreement only asks for a smaller minimum, the calculator shows what clearing it on schedule would take.
Business line of credit calculator for secure servers at a Fulton County, GA law office
Illustration only, invented figures: $15,000 drawn for secure servers, paid down over 18 months at 12.25%, comes to $916.47 a month. New draws during those months would raise the balance, which the calculator does not track; run it again with the new balance.
Reading the three results together helps. The monthly payment is what the budget has to carry. Total interest is the price of spreading the balance over that many months, and it grows as the months grow. The total paid back is the balance plus that interest. Trying 12, 18 and 24 months in turn shows the trade between a lower payment and a higher total in a few seconds.
The calculator assumes the rate stays the same for the whole payoff. Many credit lines carry a variable rate; if the rate on a line changes, run the calculator again with the remaining balance, the new rate and the months left.
For the line itself, see the business line of credit page.
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