11 Best Business Loan Calculators to Estimate Your Payments
Many businesses do not have enough capital to finance their operations. To solve this problem, startups and other businesses seek business loans to meet their financial goals and operate efficiently.
Getting a business loan is just one part of the equation. You also need to know whether the business loan terms you are getting are the right type of financing you need.
As a business owner, you do not want to get a loan where you end up paying high interest in addition to the principal amount.
You can use business loan calculators to quickly generate the total amount you are expected to pay back when you collect the loan offer. It helps you determine the best loan offers for you and prevents you from taking business loans that will hurt your business.
Apart from the interest rate, business loan calculators help you determine how much you want to borrow, the time frame it takes to pay back the loan, and the return on investment (ROI) on the business loan.
There are so many business loan calculators in the market. In this article, you will learn about 11 of the best business loan calculators to estimate your payments.
Let's get started.
Best Overall Business Loan Calculator for Both Small and Large-Scale Estimates
Bankrate is a personal finance platform that provides you and over 100 million+ other customers with so many helpful tools and resources. They include product comparison tools, calculators, and educational content guiding you in making smarter financial decisions.
The platform’s business loan calculator is very simplistic and easy to use. It helps you to map out your financial risk strategies from start to finish.
By just inserting the key details of your commercial or small business loan, you immediately get estimates of how much you eventually pay in the long run. The details you input in the calculator include the loan amount, length of the loan term (which can be either in years or months), and the yearly interest rate accompanying the loan.
Using Bankrate’s calculator, you have access to comprehensive results that show you your monthly payments. It includes an option that allows you to select your repayment schedule.
Bankrate gives you access to detailed information leading up to the final point of total loan pay-off. You know how much total interest you eventually pay on the principal loan amount. There is also the option of including extra payments involved in the loan deal apart from the major three details.
Information about how you can reduce your total paid interest and speed up your loan repayment by making little extra payments per month is also provided to you.
Bankrate also presents you with different general loan rates from different mediums such as mortgages, banks, credit cards, loans, investments, home equity, and Insurance. From small business loans to large commercial loans, Bankrate serves as a sufficient solution for loan estimations.
Bankrate’s loan calculator is available to you for free.
Best Business Loan Calculators Optimized for US-Based Small Businesses
Nerdwallet is a straightforward business loan calculator that helps you to estimate your monthly or yearly loan payments and interest. Each estimation is majorly based on the details about the loan term and annual percentage rate (APR) you provide. It is optimized solely for US-based small businesses.
The business loan calculator presents you with personalized small business loan rates after you answer a few questions that are straightforward and directly related to your loan.
Nerdwallet also offers an extra intuitive option to you. You get helpful advice about the most appropriate loan options for you according to the amount of money you need. General loan estimates are based on the loan amount, length of the loan term, and the Annual Percentage Rate (APR). An intuitive slider for setting the Annual Percentage Rate (APR) is made available to you.
If you are very new to the business loan environment, the platform presents you with definitions of the basics terms involved in calculating loans as well as a useful FAQ section.
Nerdwallet’s business loan calculator is offered to you for free.
Best Business Loan Calculator for eCommerce Platforms
Shopify is one of the best eCommerce platforms that provides you with its business loan calculator. The straightforward and free business loan calculator helps you to easily calculate fixed-rate loans for your business. It helps you determine how much it ultimately costs you to take out a loan.
The business loan calculator helps you estimate your loans with details of the loan amount, Annual Percentage Rate (APR), and length of the loan term. It also provides a field for you to input any extra monthly payments charged with your loan.
A comprehensive FAQ section serving as a knowledge base is provided to you with a Shopify Capital loan solution. This solution helps you to acquire funding for your eCommerce store from Shopify without lengthy application processes.
Shopify’s business loan calculator is also offered to you for free.
4. Guidant Financial
Best Business Loan Calculator Specifically Optimized for Small Business Administration (SBA) Loans
Guidant Financial is a consultancy agency that helps individuals find the best loan funding solutions for their different needs. The agency provides internet users with a simple business loan calculator that takes a detailed look into a loan’s monthly costs as well as what the repayment or amortization schedule could look like.
As a comprehensively equipped business loan calculator, it offers estimations for a wide range of loans. These loans include Small Business Administration (SBA), unsecured loans, and even loans relating to home equity.
All you need to do is to set your desired loan amount using its intuitive slider and input the interest rate and length of the loan to see your result. The monthly amortization schedule shows you how your loan evolves based on the principal, interest, and total payments as well as the balance after each payment.
Guidant Financial’s business loan calculator is also available to you for free.
Best Business Loan Calculator for Estimating Your Creditworthiness
LendingTree is an online marketplace for various loan types. They range from auto loans to SBA loans, personal loans, credit card loans, and more. The platform also offers comparison services as well as educational programs all relating to loans.
With LendingTree’s business loan calculator, you get more than just loan estimation capabilities. The business loan calculator allows you to estimate how much you can borrow based on your business start date, annual revenue, previous month deposit, estimated credit score, and location of business.
LendingTree also presents you with comprehensive details and information about every element involved in taking loans. It provides key information such as the definition of different terminologies, factors that impact your loan repayment, and the types of business loan fees charged by creditors.
The business loan calculator is available to you for free.
Best Business Loan Calculator with Extended Details For Accurate Estimations
Calculator.net is a website that provides you and every internet user with a comprehensive collection of free online calculators for financial, fitness and health, arithmetic, and other purposes. It was launched in 2008.
The business loan calculator helps you to calculate the final payback amount and total costs of your loan. Taking your fees into account, it determines the true annual percentage rate (APR) for the loan and gives you a more accurate assessment of its actual cost.
Calculator.net’s loan calculator collects details about the loan amount, interest rate, compound interest frequency ( i.e daily, weekly, bi-weekly, monthly, quarterly, or yearly, among others), the loan term, the payback frequency, documentation fees, and other fees. You also have access to an amortization schedule and explanations of the different loan terminologies on its website.
Calculator.net’s business loan calculator is free to use.
7. Citizens Bank
Top Business Loan Calculator with Intuitive User Interface
Citizens Bank is a financial platform that offers you a business loan calculator. It is more than just a loan cost estimator. Alongside providing you with estimates after collecting details of your loan amount, interest rate, and amortization, the calculator also helps to estimate your creditworthiness.
The business loan calculator collects details of your annual income and monthly obligations. It provides an estimate of the amount of loan you are allowed to take.
Values are set using intuitive sliders. Definitions of common terminologies are provided on its website. The loan calculator efficiently calculates various types of loans such as home loans, student loans, investment and retirement loans, auto loans, and credit card loans.
Users enjoy access to Citizen Bank’s business loan calculator for free.
Best Business Calculator with Dedicated Calculators For Different Loan Types
Lendio is a loan calculator that lets you easily set all your values using its intuitive sliders. The Californian-based loan platform helps facilitate loans for small businesses. It provides you with a comprehensive list of calculators for different dedicated purposes.
On the platform, you enjoy free access to a dedicated ACH loan calculator, business credit card calculator, business term loan calculator, equipment loan calculator, short-term loan calculator, start-up business loan calculator, commercial mortgage calculator, and line of credit calculator.
Information about terminologies and how your loans are calculated is provided to you. You also get to compare business loan offers from over 75 different lenders in its network.
Lendio’s dedicated calculators are available to you for free.
9. TD Bank
Good Business Loan Calculator with Beneficial Business Tools
TD Bank is an online banking platform that also offers loans to qualified applicants. It presents you with a loan calculator and other business tools and calculators that make estimating your business finances easier.
The business loan calculator collects details about your loan amount, interest rate, and loan term length. It provides you with monthly payment details and also helps you check your monthly cash flow.
TD Bank’s business loan calculator is available to you for free.
10. BMO Harris Bank
Free Business Loan Calculator with Extra Support Through Customer Service Representatives
BMO Harris is a bank based in North America that provides you with helpful tools and resources alongside its banking services. Whether for simple business loans and lines of credit, government loan programs, or other commercial lending options, BMO Harris Bank provides you with a straightforward business loan calculator
This calculator collects details of your loan amount, interest rate, and loan term. It also collects information about your loan payment frequency. You are also offered a chance to talk to one of its representatives.
The Business loan calculator is available to you for free.
Good Business Loan Calculator with Option to Print Amortization Schedule for Offline or Physical Use
BDC.ca offers you a business loan calculator that helps you calculate your total loan cost including monthly payments and the total interest cost for the loan.
One additional option you enjoy using BDC’s business loan calculator is the ability to not only view but also print your complete loan amortization schedule.
BDC’s business loan calculator is made available to you for free.