Estimate your monthly payment and total interest before you borrow.
We use the standard amortizing loan formula based on your loan amount, annual interest rate, and term in years to calculate a fixed monthly payment, then total that across the full term to show total paid and total interest.
The interest rate is just the cost of borrowing the principal. APR (annual percentage rate) also folds in fees — origination fees, processing fees, sometimes closing costs — giving you the true annual cost. Always compare loan offers by APR, not the headline interest rate.
Most business lenders weigh time in business, annual revenue, personal and business credit score, and existing debt load. SBA loans typically offer the lowest rates but the slowest approval; online lenders move fast but charge more for the convenience.
A $50,000 loan at 9% APR over 5 years works out to a monthly payment of roughly $1,038, with total interest of about $12,300 over the life of the loan — meaning you'd repay just over $62,300 total. Shortening the term to 3 years raises the monthly payment to around $1,590 but cuts total interest to about $7,240, a useful trade-off to weigh if your cash flow can absorb the higher payment.
Does this calculator account for fees? This estimates payments based on principal, rate, and term only. Always ask your lender for the full APR including any origination or processing fees before comparing offers.
Is a longer term always better? A longer term lowers your monthly payment but increases total interest paid over the life of the loan. Run both scenarios here to see the real tradeoff in dollars, not just monthly cash flow.
Can I pay it off early? Depends on the lender — some charge prepayment penalties, others don't. Confirm this before signing, especially if you expect strong cash flow that could let you pay down debt faster.