If you are in the market for a Small Business Loan, using a business loan calculator can help you determine the affordability of the loan before applying for it.
Enter the loan amount, loan term, and estimated APR to determine your monthly payments and total interest cost. Then look at the business loan options based on your creditworthiness.
Business loan calculator
Understand your calculated results
Monthly payment: This is the fixed amount you pay back each month and includes principal, interest and fees.
Total payments: This is the sum of all payments to be made on the loan, including the amount you borrowed, plus interest and fees.
Total interest paid: The total interest paid represents what the lender is charging you for the loan. If you repay early, you can potentially save on interest.
Annual Interest: This number represents the true annual cost of the loan and makes it easy to compare products from apples to apples. Some lenders do not offer an APR and instead offer a general interest rate that does not include fees.
The APR on a business loan depends on your creditworthiness and the finances of your business, including annual sales and time in business.