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Use our business loan calculator below to get an idea of how much a small business loan might cost you and to estimate your monthly payment.
Take 15 minutes to find out what you qualify for from 75+ lenders.
To make the best use of this business loan calculator, you’ll need a few additional pieces of information. The calculator requires the following:
From the calculator, you will get an estimated monthly payment, origination fee, and total repayment.
You can also estimate how much you may qualify for if you take out a business loan. As soon as you fill out your information, the calculator will give you a range of dollar figures in which you may be able to borrow. This will give you an idea of the types of expenses you might be able to cover and whether or not you might need to seek additional financing from other sources. The inputs for this calculator include:
This is the month and year your business officially started operations.
This refers to the total amount of money your business makes during a 12-month period.
Last month’s deposits show how much money you deposited into your business bank account in the previous month.
This is where you select your business’ estimated credit score.
Here are the essential pieces of information you’ll need to enter and notice as outputs on our business loan calculator.
This is the amount you’d like to borrow. Typically, your credit score and business revenue will determine how much you’ll receive.
The loan term is how long you’ll take to pay back your loan. Business loans can be anywhere from a few months to several years or even longer.
The annual percentage of rate (APR) is the cost to borrow money, expressed as a yearly percentage. It includes your interest rate, plus additional fees associated with taking out your business term loan.
The estimated monthly payment is what you’ll pay each month to repay your business term loan. It can give you an idea of how a business term loan might fit with your budget.
Total repayment shows the total cost of your loan. This includes the entire principal, interest, and fee amount you’ll pay over time.
The origination fee is designed to cover the costs of processing your loan application and approval. It’s typically expressed as a percentage of the total loan amount. Most origination fees average around 5%.
The term loan is one of the most popular small business loan options. It’s not flashy or fancy—it’s just the straightforward, classic way to finance your business.
With business term loans, amounts range between $5,000 and $2,000,000, and terms range between one and five years. To qualify for a term loan, you’ll need to have a profitable business that has been established for at least two years. And when you apply through Lendio, you can typically gain access to the funds in as little as 24 hours after approval.
Because the term loan is flexible, you can use it for just about any business need. You can leverage a term loan to:
Our business loan calculator does the math for you so you can anticipate the monthly loan payments you would be expected to make if you took out a business term loan. The following four components contribute to your monthly payments.
Business term loans typically range from $5,000 to $2,000,000. The amount you qualify for will depend on your revenue, time in business, and credit history, in addition to other factors.
The interest rate is largely based on your credit history. If you have excellent credit, your interest rate can be as low as 9%. If you have some negative marks on your credit history, you can often still qualify for a business term loan, but you’ll likely end up with a higher interest rate.
The terms for this type of loan are typically between one and five years.
The origination fee on a term loan is typically about 5%, so you’ll want to factor this in when determining the total cost of your loan. Note that you won’t need to pay this fee while shopping around for a loan. Your origination fee will either be due at signing or rolled into the overall cost of your loan.
Applying for and reviewing your loan options through Lendio is always free—however, many lenders will charge you application fees. It’s always a good rule of thumb to ask about potential application fees before starting the process with a lender.
That’s the easiest way to keep your costs under control. This practice helps you avoid late fees and boost your credit score, which is especially important if you’re working toward qualifying for a different form of business financing in the future.
Set up automatic payments. Do whatever you need to do to “set it and forget it,” so those loan payments are always on time.
Some lenders will offer you a modest discount for paying off your loan early, while others may implement prepayment penalties. Before you rush to make advance payments, ask your lender about any potential penalties or discounts that apply to your business loan.
In addition to a traditional term loan, there are several other types of small business loans with costs that will be calculated differently. You should explore these options to find the ideal resource for your unique situation.
We make calculating your ACH loan a breeze. Simply select your loan amount and payment timeline and get the answers you need to make an informed decision.
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A business loan calculator is designed to help you estimate your payments on a business loan. It can also give you a good idea of how much financing you might qualify for.
The monthly cost of a business loan depends on a number of factors. These include the amount you borrow, your interest rate, and repayment terms. Our calculator can help you estimate it.
Interest rates on business loans vary greatly. Depending on the loan and lender you choose and your unique situation, you may lock in a rate ranging from as low as 3% or one in the double or triple digits. Lendio makes it easy to find the lowest rate.
Some business loans require down payments while others do not. In general, however, the average down payment for a business loan is 10% to 30%. Keep in mind that a larger down payment will lower your overall cost of borrowing and save you some money.
You may borrow anywhere from $5,000 to $5 million. It all depends on your finances and the loan you choose.
To get a small business loan, shop around and compare all your options using Lendio. You can apply and get approved online without the time or hassle.
A business acquisition loan is a type of financing you can use to purchase an existing business or franchise. It can provide you with hundreds of thousands or even millions of dollars to meet your goals.
If you’re a startup, you might not have a business credit score. In this case, many lenders will look at your personal credit instead. A personal credit score between 640 and 700 is ideal for a startup business loan. If you don’t have the best credit, rest assured that there are lenders with more lenient criteria that may extend you a loan. However, you’ll likely have to settle for higher interest rates.
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