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Business loan calculator

Compare the total costs of two business loans side-by-side to find your best option using our business loan calculators.

When you’ve got multiple loan or refinancing offers on the table and aren’t sure which to choose, using business loan calculators can help you figure out the total cost of each option and help guide you towards the right decision.

Business loan calculator

Use this business loan calculator to find out how much your monthly payments could cost.
Your loan
Loan amount
Loan terms (in years)
Interest rate

Fill out the form and click on “Calculate” to see your estimated monthly payment.


Compare business loans
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

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:

  1. Enter the amount your business wants to borrow under Loan amount.
  2. Enter the amount of time your business needs to pay back the loan under Loan terms.
  3. 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.
  4. Click Calculate.
  5. 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.

Business loan calculator for comparing loan options

The business loan calculator below allows you to put in details of 2 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 2 loans, you’ll see the lender that costs less over the term you choose.

Definitions to know when calculating business loan costs

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.
  • Fixed rate. The original interest rate on a loan for an initial period of time. Ignore the fixed rate if the interest rate won’t change over time.
  • Fixed period. The amount of time that the original fixed rate applies to the business loan.
  • Ongoing rate. The interest rate you’ll pay for the remaining loan term.
  • Upfront fees. Any one-time fee involved in the application process. Upfront fees include application fees, origination fees and processing fees. A legit lender that charges upfront fees will process payment when your funds are disbursed — not before.
  • Fees. All other recurring fees that you pay on a monthly or annual basis.
  • Early repayment fee. Also known as a prepayment penalty, this is the fee lenders sometimes charge if you pay off your loan before it’s due.
  • Fixed monthly repayments. How much you’d pay each month under the first interest rate during the fixed period.
  • Ongoing monthly repayments. How much you’d pay each month with the current or ongoing interest rate.
  • Total repayments. The total amount you’d pay for that loan including the principal, interest and fees.

    How can I reduce the cost of my business loan?

    You have a few options to lower the cost of your business 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 business 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

    1 - 4 of 4
    Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
    SharpShooter Funding Business Loan
    5.49% - 22.79%
    $1,000 - $300,000
    6 - 120 months
    $10,000 /month
    100 days
    Unsecured Term, Merchant Cash Advance, Invoice Factoring
    To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

    SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
    OnDeck Business Loan
    8.00% – 29.00%
    $5,000 - $300,000
    6 - 18 months
    6+ months
    Secured Term, Line of Credit, Merchant Cash Advance
    To be eligible, you must have been in business for at least 6 months with a minimum annual gross revenue of $100,000.

    OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
    Loans Canada Business Loan
    6.60% - 29.00%
    $4,000 - $500,000
    3 - 60 months
    over $10,000/month
    100 days
    Unsecured Term
    To be eligible, you must have been in business for at least 100 days, have a Canadian business bank account and show a minimum of $10,000 in monthly deposits ($120,000/year).

    Loans Canada connects Canadian small business owners to lenders offering financing up to $500,000. Complete one simple online application and get matched with your loan options.
    Merchant Growth Business Loan
    12.99% - 39.99%
    $5,000 - $500,000
    3 - 12 months
    $10,000 /month
    6 months
    Unsecured Term, Line of Credit, Merchant Cash Advance
    To be eligible, you must have been in business for at least 6 months and have a minimum of $10,000 in monthly sales.

    Merchant Growth offers financing tailored to business needs. It specializes in providing capital based on future cash flows, but it also offers fixed solutions. Fill out an application within 5 minutes and get your funds within 24 hours.

    Compare up to 4 providers

    Bottom line

    Comparing your financing options using business loan calculators is a smart move when you’re looking to start a business or expand into new markets. Our free interest calculator can help you develop a savings plan for your future financial needs. You can also check out our guide to finding the best small business loans.

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