Understanding how much your business loan will cost over time is crucial for financial planning. This Business Loan Repayment Calculator helps you estimate your monthly payments, total interest paid, and the total amount repaid based on the loan amount, interest rate, and loan term.
When seeking a business loan, lenders typically consider factors like your business's creditworthiness, cash flow, collateral, and the overall economic climate. The interest rate you're offered can significantly impact your repayment schedule and the total cost of borrowing. Loan terms can vary widely, from short-term working capital loans to longer-term financing for expansion or major equipment purchases.
Using this calculator, you can explore different scenarios to find a loan structure that aligns with your business's financial capabilities. By adjusting the loan amount, interest rate, and term, you can gain a clearer picture of your potential repayment obligations.
function calculateLoanRepayment() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTerm) || loanAmount <= 0 || annualInterestRate < 0 || loanTerm <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment;
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
var totalInterestPaid = (monthlyPayment * numberOfPayments) – loanAmount;
var totalRepayment = monthlyPayment * numberOfPayments;
resultDiv.innerHTML = "