Compare the total costs of two business loans to find your best option.
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:
- Loan term and amount. Select how long you need to repay the loan and enter the amount you intend to borrow.
- Bank name. Enter the names of your lenders.
- Fixed rate and period. If your loan comes with a special introductory fixed rate, enter the rate and how long the intro period lasts.
- Ongoing rate. Enter the ongoing rate you’ll pay for your loan here.
- Upfront fees. If your loan has an origination fee, add it here.
- Fees. If the loan comes with any ongoing fees, you’ll need to add them here and select how often they’re charged.
- Prepayment penalty. If you’re charged a prepayment penalty for paying off your loan early, enter the amount here.
- 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.
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.