SBA Loan Calculator - Estimate Your Monthly Payments
Loans backed by the U.S. Small Business Administration (SBA) are considered among the most favorable business loans available, offering extended repayment periods and lower interest rates than many other forms of small business financing.
Before you apply for an SBA loan, use the Fast Capital 360 SBA loan calculator to see what your monthly payments could look like.
Want to know more about this type of financing?
How to Use the SBA Loan Payment Calculator
To calculate your monthly payments, enter the following into the SBA loan calculator:
- Desired loan amount: You can finance as much as $5 million.
- Interest rate: Interest rates for SBA loans offered by Fast Capital 360’s lending partners start at 6.25%. Depending upon the SBA program, your interest rate may be fixed or variable. If you have a variable interest rate, the SBA loan payment calculator will only give you a rough estimate of the cost of your loan.
- Loan term: One benefit of SBA loans is that they have longer terms compared to many other types of small business financing.
Adjust the loan amount and term on the SBA calculator and see how much impact these factors have on repayment.
Use our SBA loan calculator to estimate the costs of several types of SBA loan. For instance, you can use our tool as an:
- SBA 7(a) loan calculator
- SBA Express loan calculator
- SBA commercial real estate loan calculator
- SBA commercial loan calculator
Understanding Your SBA Loan Calculator Results
The SBA business loan calculator will output the monthly payment.
This is the fixed amount you’ll repay each month in principal and interest.
It’s easy to use an SBA loan calculator to evaluate different SBA financing options when comparing payment installments based on different interest rates, loan amounts and terms.
Example of How to Use the SBA Loan Calculator
Let’s say Ingrid’s Ice Cream Shoppe needs a $150,000 loan for renovations and new equipment. Ingrid applies for a 7(a) loan and is approved for her desired loan amount at an 8% interest rate over 10 years. Ingrid wants to estimate her costs so she uses the SBA 7(a) loan payment calculator.
By entering her loan term, loan amount and interest rate into the SBA loan calculator, we’ll see that Ingrid will be required to pay $1,820 monthly for 120 months.
SBA Loan Interest Rates and Fees
Find out what your SBA loan payments could look like by reviewing the associated interest rates and fees. Then input these into the SBA loan calculator to estimate your costs.
Related: What Are the Current SBA Loan Rates?
Other Costs to Consider When Using SBA Loan Amount Calculator
When it comes to SBA loans, consider that your lender may charge you a one-time upfront fee. Every lender charges differently, and there are many variables lenders consider. For instance, some lenders might charge a fee based on the loan term. Others may charge a flat fee based on the interest rate, while still others may charge a fee based on a percentage of the loan.
Additionally, lenders often pass on SBA guaranty fees to borrowers, excluding veterans. Guaranty fees are upfront and vary depending on the loan type, term and loan amount.
Guaranty fees for 7(a) loans, for example, are required for loans greater than $350,000 and can range from 0.25%-3.5% (plus 3.75% for loans more than $1 million). An annual service fee also applies for loans over $350,000, either 0.49% for loans up to $1 million or 0.55% for those over $1 million.
Also, if you miss a payment or default, additional fees will apply. For SBA lines of credit, there may be a fee every time you draw funds from your credit line, which could be 1%-3% of your loan. Conversely, lenders may charge small maintenance fees for credit line inactivity.
Related: How Much Are SBA Guarantee Fees?
Compare Offers With an SBA Loan Calculator
Now that you’ve plugged the numbers into the Fast Capital 360 SBA loan calculator, you’ve seen just how affordable an SBA loan can be.
If you’ve been in business 2 years or more, bring in annual revenue of $50,000 and have a credit score of 650 or better, apply now.
A qualified Fast Capital 360 Business Advisor will contact you and guide you through the entire funding process, starting with gaining a deep understanding of your individual funding needs. Then, they will present the funding options you qualify for, which may include an SBA loan program, and help you identify those programs with the most favorable terms.
If you have questions or want to learn more about your SBA loan calculator results, call us at (866) 449-3616 to speak directly with one of our Business Advisors.