Business Loan Calculator
Calculate your monthly payment, total interest cost, and effective annual rate. Adjust loan amount, term (3 to 120 months), and interest rate to model different scenarios.
Monthly payment1 564,51 EUR/month
Total cost57 572,46 EUR
Total cost7 572,46 EUR
TL;DR
Use this calculator to estimate monthly payments and total cost for a business loan. The tool uses standard annuity calculation with adjustable parameters for amount, term, interest rate, and opening fee (default 2.5%).
How to Use the Calculator
Start by entering your desired amount. Select a repayment term (3 to 120 months). Enter the interest rate you expect or have been offered (business loan rates are competitive). The calculator defaults to a 2.5% opening fee, which matches the market average. Adjust this if your lender charges differently. The calculator shows your monthly payment, total repayment amount, total interest paid, and the effective annual rate that accounts for all fees.
Example Calculation
A 50,000 EUR loan at 7.9% annual interest over 36 months with a 2.5% opening fee: monthly payment is approximately 1,567 EUR, total repayment is 56,412 EUR, total interest cost is 6,412 EUR, and the effective annual rate is approximately 10.1%. If you extend the same loan to 60 months, the monthly payment drops to 1,009 EUR, but total interest rises to 10,540 EUR. Shorter terms always cost less in total interest.
Tips for Finding the Best Terms
Compare effective annual rates, not just nominal interest rates. A loan with 6% interest and a 5% opening fee can cost more than a loan with 8% interest and no opening fee. Request quotes from at least three providers. Consider your monthly cash flow when choosing the term: a lower monthly payment (longer term) costs more in total but may be safer if your revenue fluctuates. If you plan to repay early, check whether the lender charges an early repayment fee.
Frequently Asked Questions
- How accurate is this calculator?
- The calculator uses standard annuity formulas and provides a close estimate. Actual offers may vary based on your credit profile, the lender's risk assessment, and any additional fees not included in the model.
- What is an opening fee?
- An opening fee (avausmaksu) is a one-time charge at loan disbursement. This typically ranges from 0% to 5% of the loan amount, with the market average around 2.5%. It is deducted from the loan amount or added to the total repayment.
- Should I choose a shorter or longer loan term?
- Shorter terms mean higher monthly payments but significantly less total interest. A 50,000 EUR loan at 7.9% costs 6,412 EUR in interest over 36 months versus 10,540 EUR over 60 months. Choose the shortest term your cash flow can handle.
- What is the effective annual rate?
- The effective annual rate (todellinen vuosikorko) includes all mandatory fees expressed as an annual percentage. Lenders are legally required to disclose this figure, making it the most reliable number for comparing loan offers.
- Can I calculate a loan with variable interest?
- This calculator uses a fixed interest rate. For variable-rate loans (tied to Euribor), the actual payments will change over time. Enter the current rate for an estimate, but budget for potential increases of 1 to 2 percentage points.
- Does the calculator account for taxes?
- No. Interest payments on business loans are generally tax-deductible, which effectively reduces your net cost. Consult your accountant for the after-tax cost based on your company's tax situation.
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