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Update Jan. 19, 2021: The latest round of the Paycheck Protection Program is open to small businesses hard hit by the coronavirus pandemic.
The legislation provides more than $284 billion for first and second forgivable coronavirus relief loans, reviving the Paycheck Protection Program that lapsed in the summer. It also widens the kinds of businesses that could seek PPP funding, such as news outlets, and adds funding for smaller, independent entertainment venues and restaurants. For the latest information, read our PPP page.
If you’re in the market for a small-business loan, using a business loan calculator can help you determine the loan’s affordability before you apply.
Enter the loan amount, loan term and estimated annual percentage rate to find out your monthly payments and total interest costs. Then view business loan options based on your credit score.
Business loan calculator
Understanding your calculated results
Monthly payment: This is the fixed amount you’ll repay each month and includes principal, interest and fees.
Total payments: This is the sum of all the payments to be made on the loan, which includes the amount you've borrowed, plus interest and fees.
Total interest paid: The total interest paid represents what the lender is charging you for the loan. If you repay early, you may be able to save on interest.
APR: This number represents the true annual cost of the loan and makes it easier to do an apples-to-apples comparison between products. Some lenders do not provide APR and instead give a general interest rate that does not include any fees.
APR for business loans depends on your credit score and your business’s finances, including annual revenue and time in business.
Frequently asked questions