⏰ Estimated read time: 6 minutes
Calculate estimated payments, then see if you qualify for a business loan
Over the course of the loan, expect to pay
Get personalized small-business loan rates to compare
with Fundera by NerdWallet
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
- Enter your information. Enter your loan amount, repayment term and annual percentage rate (APR) into the calculator. Make sure your repayment term is shown in months.
- Calculate your results. Once you click “calculate,” the calculator will automatically generate results. Feel free to adjust the inputs to understand different loan scenarios.
How to determine your APR
Understanding your results
- Monthly payment. The fixed amount you’ll repay each month. It includes principal, interest and fees.
- Total interest paid. The total amount a lender is charging you for a loan. If you repay the loan early, you might be able to save on interest — provided your lender doesn’t charge prepayment penalties.
- Total payments. The sum of all the payments to make on the loan, which includes the amount you borrowed, plus interest and fees.
- Amortization schedule. This schedule shows how much of your monthly (or annual) payments will go toward your principal and how much will go toward interest. As you continue to repay your loan over time, your monthly payment will remain the same, but your interest payments will get smaller and more of your payment will go toward your principal.
- SBA loans. The Small Business Administration works with banks and other financial institutions to provide small-business loans that have low interest rates and long repayment terms. However, SBA loans are slow to fund and can be difficult to qualify for.
- Lines of credit. A business line of credit provides flexible access to cash. You get approved for a specific amount of credit and can draw from your line as needed. You only make payments and pay interest on the money you use.
- Equipment financing. Equipment financing is used to purchase equipment. Lenders often finance up to 100% of the value of the equipment. These loans are self-collateralizing, meaning the equipment itself serves as collateral for the loan.
- Invoice factoring involves selling unpaid customer invoices to a factoring company that then collects the money from your customers.
- Invoice financing is an alternative that allows you to use unpaid invoices as collateral on a cash advance. You still collect payment on the invoices from your customers, and then you pay back the loan. This method gives you more control over your invoicing process.
- Personal loans may be an option for new businesses that don’t qualify for traditional financing. Lenders consider your personal credit score and income instead of your business history.
- Business credit cards can also be easier to get than a small-business loan. However, business credit cards tend to have relatively low credit limits, but you can earn rewards for your spending, such as cash back or travel points.
- Business grants provide free money to startups and operating businesses – either by giving you a lump sum, or reimbursing you for certain expenses. They can be difficult to research and apply for and grant amounts typically aren’t as high as loans, but it can be worth it if you’re able to get free money for your business, even in small amounts.