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Business loan calculator

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Compare the total costs of two business loans to find your best option.

Before making a hasty decision about a loan for your business, you could save money by comparing your options first. When you’ve got multiple loan offers on the table and you aren’t sure which to choose, take the time to calculate the total cost of each to help guide you toward the right decision.

With our calculator, you can see how much your next loan will cost your business or how much you might save by refinancing — all in minutes.

How does the business loan calculator work?

The business loan calculator allows you to put in details of two loans to compare the full cost of each loan. Compare interest and fees, and calculate the fixed, ongoing and total cost of repaying the loan.

After you’ve entered the details of your loan options, the calculator shows you the cost of monthly repayments and the total amount you’ll pay back in principal and interest. If you decide to compare two loans, you’ll see the lender that costs less over the term you choose.

How do I use the business loan calculator?

To determine how much your business loan costs, simply adjust the following fields in the business loan calculator to represent your loan:

  1. Loan term and amount. Select how long you need to repay the loan and enter the amount you intend to borrow.
  2. Bank name. Enter the names of your lenders.
  3. Fixed rate and period. If your loan comes with a special introductory fixed rate, enter the rate and how long the intro period lasts.
  4. Ongoing rate. Enter the ongoing rate you’ll pay for your loan here.
  5. Upfront fees. If your loan has an origination fee, add it here.
  6. Fees. If the loan comes with any ongoing fees, you’ll need to add them here and select how often they’re charged.
  7. Prepayment penalty. If you’re charged a prepayment penalty for paying off your loan early, enter the amount here.
  8. Calculate. Click the Calculate button to see which lender costs less and each lender’s fixed, ongoing and total repayments.

If a section in the calculator doesn’t apply to you, leave it blank. You can adjust the loan amount, term length and any other variables to help you develop an accurate idea of how much you can borrow and what sorts of terms to look for when applying with different lenders.

How can I use this business loan calculator to save money?

Use this calculator to see how much your business loan will cost, but by changing the variables to see how various loan contracts can impact the overall cost of a business loan. Consider these factors when trying to determine how much your business can afford to borrow:

  • Monthly payments. Before you decide on a loan, see how the monthly payments impact your business’s overall cash flow.
  • Loan terms. You can view how your loan terms impact your monthly payment and the interest you pay.
  • Business loan options. The business loan calculator allows you to account for more than just interest and terms. By comparing fees, you can see how much each loan will really cost your business.
  • Refinancing options. If you’re looking into refinancing, compare your current loan with a new loan to see if you’ll actually save money or lower your monthly payments.

What are my business loan options?

Enter your time in business, annual revenue and personal credit score to filter available business loan options and find the best one for you.

Rates last updated December 15th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.

Compare up to 4 providers

Bottom line

Comparing your business loan options is a smart move when you’re looking to start a business or expand into new markets. Our business loan calculator and other financial calculators can help you plan for many of your future financial needs.

Picture: Shutterstock


Matt is a personal finance publisher who likes nothing more than seeing consumers get a better deal!

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