Loan payment calculator
Calculate the monthly payment on a business loan, the total interest you will pay and how the balance falls over time. Enter the amount, the annual rate and the number of months.
How to use it
- You enter the data
- Smallo works it out
- You get the result
- Enter the loan amount, the annual interest rate and the term in months.
- Read the monthly payment and the total interest.
- Change the rate or the term to compare options side by side.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula: the payment depends on the loan amount, the monthly rate (annual rate divided by 12) and the number of months.
Why do early payments mostly pay interest?
Interest is charged on the remaining balance. At the start the balance is highest, so most of each payment covers interest. Later, more of it reduces the principal.