Type the expansion amount, an annual rate and the months, and the page returns a level monthly payment. The worked cases below are invented; real rates come only from a partner's offer.
Term loan calculator inputs for an Ashland, OH sit-down restaurant equipping a second location
Illustration only, invented figures: a sit-down restaurant opening a second location of its existing business prices a range and fryer line, reach-in coolers, smallwares and a point-of-sale kit at $64,000. Spread across 60 months at 10.9%, those items cost $1,388.33 a month, $83,299.80 by the last payment, of which $19,299.80 goes to interest.
Those are the three inputs the calculator takes: the amount, the rate (annual %) and the term in months. The lease, walls and any kitchen hookups at the new space are property work outside this site.
The restaurant in this example would be one of 28 full-service restaurant employer establishments on the 2023 County Business Patterns count for Ashland County, OH (NAICS 722511).
Plants use the same three inputs. A plant adding a second shift's worth of machines can enter the quoted price, a rate from any offer and the term in months, then try a shorter and a longer term side by side. When a machine purchase comes with a down payment, the calculator on the equipment financing page takes the down payment as a separate input, which this one does not.
Changing only the rate in a term loan calculator: an Ashland County, OH insurance agency's phone system
Keeping the amount and term the same and changing only the rate shows how much a rate difference is worth in dollars.
| Rate (annual %) | Monthly payment | Total paid | Interest |
|---|---|---|---|
| 9.6% | $474.78 | $17,092.08 | $2,292.08 |
| 12.4% | $494.40 | $17,798.40 | $2,998.40 |
For the insurance agency in this example, the higher rate costs $19.62 more a month and $706.32 more over three years. That is the number to keep in mind when two offers differ by a few points.
The same test works for any shop or plant expansion: hold the amount and the months steady, move only the rate, and read the change in total paid. A rate quoted without a term, or a term quoted without a rate, cannot be tested this way, so ask a partner for both in writing.
A bank-style term loan calculator check on reach-in freezers for an Ashland, OH quick-service restaurant
A bank-style check means running a quote through the same math a bank uses for a level-payment loan. Illustration only, invented figures: a quick-service restaurant gets a quote for $11,350 of reach-in freezers at 11.95% over 36 months. The level payment for those inputs is $376.71.
If the quote shows $389.00 a month instead, something else is in it: a fee folded into the amount, a different term, or a service plan. Ask what makes up the difference before signing. The freezers plug in; any new circuit for them is property work outside this site.
Term loan yield vs payment: what the calculator on this page leaves out for an Ashland, OH auto repair shop
A yield is what a lender earns on a loan, fees included. The calculator does not work out yields, fees, balloon payments or early payoff. It shows only the level payment for the amount, rate and term entered.
Illustration only, invented figures: an auto repair shop financing $33,500 of shop tools at 10.25% over 48 months has a payment of $853.67 and pays $40,976.16 in all, $7,476.16 of it interest. If the offer also charges a $670 fee at signing, the cost of the money is $8,146.16, a figure the calculator never shows.
More on fixed-payment loans is on the term loans page. The resources page lists this calculator next to a documents checklist and a plan outline.
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