Ravenmoor Finance, a small-business funding broker in Ocala, Florida, provides this free business loan calculator. Enter a loan amount, an annual rate and a term in months to see the estimated monthly payment, total interest and total repaid. It is an estimate for planning, not a quote; lending partners set actual rates and terms.
What the calculator does
It takes three inputs, the amount, the annual rate and the term in months, and returns three outputs: the monthly payment, the total interest over the term and the total repaid. It assumes a standard amortizing loan with equal monthly payments and no fees. That covers a typical business term loan and many short working capital loans.
It does not model fees, balloon payments, weekly or daily debits, lines of credit, leases or merchant cash advances.
A worked example, hypothetical only
Enter $40,000, a rate of 9 percent and 48 months. The calculator returns a monthly payment of about $995.40, total interest of about $7,779 and a total repaid of about $47,779. Stretch the term to 60 months at the same rate and the payment falls to about $830.33, but total interest rises to about $9,820.
These figures illustrate how term changes the trade-off between payment and total cost. They are not a quote and not a typical offer.
Pencil-and-paper steps the widget skips
- Weekly or daily debits: divide the monthly payment by the number of debit dates in a typical month for a rough equivalent, then confirm with the partner's schedule.
- Fees: add any fee the offer lists to the total repaid to see the full cost in dollars.
- Affordability: compare the monthly payment with your weakest month of deposits, not your average one.
- Merchant cash advances: an advance is not a loan; multiply the advance by the factor rate to get the total collected.
Reading the three results
The monthly payment tells you whether the loan fits your cash flow. The total interest tells you what the money costs. The total repaid is the figure to compare across offers with different terms, because a lower payment over a longer term can cost more overall. Look at all three together, and change one input at a time to see which one moves the result most.
Checking a partner's offer with it
When a partner sends an offer, enter its amount, rate and term. If the calculator's monthly payment differs from the offer's, ask the partner why; the difference usually comes from fees, a different payment frequency or a different way of calculating interest.
More reading
The resources hub lists the Florida loan guide and the local records guides that go with any request.
By Ravenmoor Finance · Updated