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Business loan calculator
Find out how much you’ll pay each month to finance your business.
Business loan calculatorSee how much you'll pay
|Loan terms (in years)|
How to use this business loan calculator
Follow these steps to figure out how much you’ll pay each month and in total over the life of your loan:
- Enter the amount your business wants to borrow under Loan amount.
- Enter the amount of time your business needs to pay back the loan under Loan terms.
- Write the interest rate under Interest rate if your loan has no fees. Or, enter the APR if the lender charges an origination, closing or annual fee.
- Click Calculate.
- Review your monthly payment and total interest charge.
Not happy with the results? Check out our list of lenders below to find one that fits your budget.
Definitions you should know
Read up on these common business loan terms:
- Loan amount. How much your business plans on borrowing.
- Loan term. How long your business has to repay the loan, in years.
- Interest rate. The percentage of a loan balance a lender charges in interest, over one year.
- APR. The percentage of the loan balance you’d pay in interest and fees over one year.
- Monthly payment. What your business pays each month toward the loan balance and interest.
- Principal. How much you owe your lender — also called the loan balance.
- Origination fee. A fee lenders charge after you sign your loan documents, which lenders either add to or subtract from your loan balance. It’s also known as a closing fee.
- Annual fee. A flat fee that lenders charge once a year as long as you’re repaying the loan.
How can I reduce the cost of my loan?
You have a few options to lower the cost of your loan — both in the short and long term.
- Shorten the loan term. A shorter loan term means there’s less time for debt to add up — but it’ll increase your monthly cost.
- Prequalify with other lenders. Different lenders use different criteria when coming up with your loan amount, rates and terms. Prequalifying with a few can help you find a lower-cost loan.
- Improve your credit. Business lenders typically look at personal over business credit scores, so improving your personal credit score can help you qualify for a lower rate.
- Pay off other loans on time. Having a lower amount of overall debt and a longer history of on-time repayments can also help reduce costs.
- Provide collateral. Backing your loan with business assets in addition to a personal guarantee offsets the risk to the lender and can get you a better deal.
Find a business loan you can apply for today
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.
Frequently asked questions
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