Hazelford Funding, a small-business funding service in Lebanon, Tennessee, provides this calculator so Wilson County, TN contractors can test a fixed-payment business loan before they ask for one. Feed it an amount, a rate and a term and it reports the monthly payment, the total interest and the total repaid. It is not a real estate construction-loan calculator, and the rate you enter is your own assumption, not an offer.
What this calculator does
It handles one kind of loan: a fixed amount repaid in equal monthly payments over a set term. Enter the amount, the annual rate and the term, and it returns three numbers: the monthly payment, the total interest over the term, and the total repaid.
It is meant for construction business financing, such as a term loan for a contractor's working capital, a yard or office build-out, or a business loan for construction equipment. It is not a calculator for a real estate construction loan, the kind used to build a house to sell, which typically draws in stages as the building goes up.
Whose rate goes in the box
The rate and term should come from an actual partner offer. Hazelford does not publish rates or typical terms, and any number you type in is your own assumption. If you are comparing two offers, run each one through the calculator and compare the total repaid, not just the monthly payment.
Steps the calculator does not do for you
A few useful checks fall outside the calculator, and they are easy to work by hand:
- Weekly payments: some partners collect weekly. The calculator shows monthly figures only; ask the partner for its weekly schedule rather than dividing.
- Fees: origination or other fees are not included. Add any fees from the offer to the total repaid by hand.
- Draw timing: to see whether a payment fits, set the monthly payment against your slowest month of draws, not your average.
- Equipment down payments: for a machine, subtract any down payment from the price before entering the amount.
For equipment, the equipment financing page explains leases and buyouts, which follow different payment patterns.
How to finance construction equipment with a payment in mind
Work backward from what the job can carry. If a mini excavator will be billed out on most jobs, estimate the monthly revenue it adds, then test loan amounts and terms until the payment sits comfortably inside that figure. A longer term lowers the payment but raises the total interest; the calculator shows both.
Construction business loans of all kinds are covered on the construction funding page, and fixed-payment loans are explained on the term loan page. Permit and license checklists sit on the guides page.