Enter your loan details
Find the actual costs of your loan
Are you planning to take out a business loan to take your new business off-the-ground or to shape up your existing small business?
But have you checked if how much will it cost to take out a business loan? Remember, it’s important to get acquainted with the terms for business loans beforehand to understand if it actually is gainful to borrow money to shape up your business.
Use our online business loan calculator and find out if you qualify for a business loan for free now! This online business loan calculator is quick, precise and easy to use. All you need to do is to enter a few important details and that’s it! Within a few seconds, you’ll get to know how much your business loan will cost you.
Designhill’s free business loan calculator makes it easy for you to calculate the cost of taking out a business loan.
Simply enter your loan term, the loan amount you’re seeking, interest rate that you’re willing to pay annually and your annual business income and get to know the monthly loan payment amount to determine whether or not to take out the loan.
1. Enter your loan information
- Input the loan amount that you are looking to borrow.
- Input the annual interest rate that you’re willing to pay.
- Input the number of years you’ll need to pay-off the loan.
- In case you’re looking to make some extra payments towards your loan, input that amount too.
We know you’re all set to calculate the cost of your business loan, but you jump into action, heed this tips to make the most of this tool.
- Analyze how much loan do you need – Don’t expect to get a too hefty amount as loan. Do analyze how much you really need to get your business up and running. Always use an amount that’s feasible and reasonable.
- Mull over the loan tenure – It makes sense to mull over a time frame when you will be able to completely pay off your loan. Carefully analyze the average inflow and outflow of cash for your business to decide the ideal when you’ll be able to pay your loan off in full.
- Input a realistic figure for interest rate - Just like the loan tenure and amount, it makes sense to carefully mull over the interest rate that you are comfortable paying for the tenure of your loan. But make sure to come up with a realistic figure as far as interest rates are concerned.
Easy to Use Business Tools For Startups & Young Entrepreneurs