SBA loan calculator

How to use the SBA loan calculator.

Lendio’s SBA loan calculator is a helpful tool if you’re interested in applying for an SBA loan. Based on the SBA 7(a) loan, you can estimate how much you can expect in monthly payments, total interest, and fees associated with the loan. This gives you an idea of the type of expenses you may cover, and whether or not you might need to seek additional financing or alternate funding options.

Step One: Add your loan details.

You can use the SBA loan calculator to try different loan amounts, term lengths and purposes to estimate your monthly payment, interest fees, and pay-off date. Here are the inputs you’ll need:

Purpose of the loan

Some loan purposes, like buying a new business with an SBA loan or purchasing real estate, will usually require a down payment at a minimum of 10%. If you’re using an SBA loan for working capital or other expenses, indicate no.

Amount of SBA funding

Indicate the amount of funding you’re hoping to receive from an SBA loan. Want more information? Read our guide on the maximum SBA loan amounts available. 

Term length

Choose your desired term length for your SBA loan. SBA loans come with longer terms that are desirable for small businesses, in a range from 7 to up to 25 years, depending on the loan purpose. To learn more about SBA loan term lengths, read our guide to SBA loan terms.

Maximum interest rate and loan fees

The calculator has recent SBA interest rates based off of the prime rate and loan amounts built in. Loan fees, such as the SBA guarantee fee and lender packaging fee estimates are also built into your estimated one-time payment.

Step Two: Review your estimated monthly payment.

Based on your inputs, the SBA loan calculator will provide you with several important figures. Let’s break down what these are.

Estimated monthly payments

This is the amount you’ll owe your SBA-approved lender each month. It includes payment towards your principal plus interest.

Estimated total repayment

This figure shows you how much your total repayment for the loan will be, including the principal amount plus interest over the life of the loan. Here you will see the principal amount, and the total interest calculated.

Estimated one-time fees

This figure shows you approximately how much you could pay in one-time SBA fees.

Estimated down payment

This figure explains how much you can expect to put down as a down payment, based on the percentage you indicated in step one.

Estimated payoff date

This date shows you when you can expect your loan to be fully repaid, based off of term length and monthly payment amounts.

Amortization schedule

This graph and corresponding chart shows you how your monthly payment is divided to cover total interest charges and part of the principal balance. This is only an estimate; your SBA lender should supply you with an amortization schedule to show you how the payments are distributed on interest versus principal. In general, a greater part of your payment will go to interest at the beginning of your loan, and move towards the principal in the later life of the loan.

Limitations of SBA loan calculator.

There are some limitations to consider when using our SBA loan calculator. Here are some things to keep in mind:

Interest rate

The SBA loan calculator can only factor in an estimated interest rate. This rate will vary with your lender, and is based on their assessment of your business and creditworthiness. Your actual monthly payments could be higher or lower than provided by the calculator, depending on your final interest rate.

SBA fees

Lenders may charge more or less in fees to you during the underwriting process. This depends on how they have opted to work with the fees the SBA charges to the lender. This may pass to you upfront, or the lender may also charge an annual service fee. Our calculator is unable to account for all possible fees from individual lenders, which means your payment amount may vary from the estimate shown.

Loan amount

Our loan amount estimation is based off of relevant data from similar applicants with Lendio’s partners that offer SBA loan products. While this data gives loan amounts that were offered to comparable applicants, individual lenders may offer more or less than reflected in the estimate.

Estimate how much you may qualify for.

Now that you’ve seen what your monthly payment schedule and structure might look like with an SBA loan, you can estimate how much you might qualify for, for SBA loans and other financing products, based on your business details. Visit our loan qualification calculator to see what type of financing you could qualify for!