More options2% origination fee
Your paymentestimate
$5,126.64 monthly
36 payments
Total cost $34,559 in interest plus a $3,000 origination fee, $184,559 in payments
Shown at 14% APR over 36 months. Lenders set the rate from your credit and financials.
Real terms come from your file, after underwriting.
Pay it off faster
Pay it off early
After payment 3 of 36
- Paid in so far
- $15,379.93
- Payoff amount
- $139,751.42
- All-in
- $155,131.36
- Saved vs full term
- $29,427.84
Details: net proceeds and the schedule
- Net proceeds
- $147,000
Estimate at the rate you chose. Lenders set the rate from your credit and financials. Running numbers here never touches your credit.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $5,126.64 | $3,376.64 | $1,750.00 | $146,623.36 |
| 2 | $5,126.64 | $3,416.04 | $1,710.61 | $143,207.32 |
| 3 | $5,126.64 | $3,455.89 | $1,670.75 | $139,751.42 |
| 4 | $5,126.64 | $3,496.21 | $1,630.43 | $136,255.21 |
| 5 | $5,126.64 | $3,537.00 | $1,589.64 | $132,718.21 |
| 6 | $5,126.64 | $3,578.27 | $1,548.38 | $129,139.95 |
| 7 | $5,126.64 | $3,620.01 | $1,506.63 | $125,519.94 |
| 8 | $5,126.64 | $3,662.25 | $1,464.40 | $121,857.69 |
FAQ
Common Questions
How is the payment on a term loan calculated?
The calculator amortizes the amount at the APR over the term, so every payment is the same and each one covers the interest due first and the principal with the rest. Payments can run monthly, biweekly or weekly.
What APR should I use for a term loan?
The calculator opens at 14% and runs from 8% to 30%. Lenders set the rate from your credit and financials, and term loans typically price between SBA rates and the cost of an advance.
How does an extra payment change the loan?
Add a fixed amount to each payment and the calculator shows how many payments the loan takes instead and the total interest with the extra payment. Extra principal shortens the loan and lowers the interest paid.
What does paying a term loan off early cost?
The payoff is the balance left at that point plus any prepayment penalty. The payoff panel shows the check that closes the loan after each payment and how it compares with the full term.
How does an origination fee change what I receive?
The fee comes out of the amount at closing, so the net proceeds are the amount less the fee, while the payments run on the full amount.