Business loan calculator

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

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When you’ve got multiple loan or refinancing offers on the table and aren’t sure which to choose, take the time to calculate the total cost of each to help guide you toward the right decision.

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. 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 will cost you, simply fill out the following fields in the calculator:

  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 or application 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 get 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?

By changing different variables, you can see how various rates, terms and fees could impact the overall cost of your 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.

Updated March 30th, 2020
Name Product Filter Values Loan amount Starting APR Requirements
First Down Funding business loans
$1,000 – $300,000
5.49%
Varies by type of loan
Alternative financing up to $300K with highly competitive rates.
Lendio
$500 – $5,000,000
6%
Operate a business in the US or Canada, have a business bank account and have a personal credit score of 675+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
OnDeck
$5,000 – $500,000
9.99%
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Kabbage Small Business Line of Credit
$500 – $250,000
Varies
1+ years in business, $100,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
SmartBiz
$30,000 – $5,000,000
4.75%
650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Get funding for your small business with a government-backed loan and extended repayment terms.

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

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