Use the free Ag Loan Calculator on ToolVexa to estimate monthly payments for a farm loan from loan amount, annual rate and term in years.
How to Use
Enter the loan amount, annual interest rate and term in years, then press Calculate.
Formula in Plain Words
Monthly rate = annual rate divided by 100 divided by 12. Monthly payment = loan amount times monthly rate times (1 + monthly rate) to the power of the number of months, divided by ((1 + monthly rate) to the power of the number of months minus 1).
Worked Example
A $100,000 loan at 5% over 10 years gives a monthly payment of $1,060.66.
FAQs
Does this include fees or insurance? No. This estimates loan payments only.
Can the rate be zero? Yes. With a zero rate, the payment is the loan amount divided by the number of months.
Is this a loan offer? No. It is an estimate based on the numbers entered.