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The SBA Loan Calculator is a website where you can find out how long it will take to repay your loan or what the payments would be based on how much income and debt you have. This site is meant for small business owners but there are also calculators available for homeowners, car loans, credit cards, etc.
The “sba loan repayment schedule” is a tool that helps you figure out how much you will owe, and when. It also provides an amortization schedule for your loan.
Do you need an SBA loan? SmartBiz is an SBA loan source that we endorse. They may prequalify you in less than five minutes and have no effect on your credit score.
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Table of Loan Amortization
Small company loans guaranteed by the Small Business Administration (SBA) often have lower interest rates and longer durations than other types of funding. Our SBA calculator will help you figure out how much your SBA loan will cost.
How to Use the SBA Loan Calculator
For SBA 7(a) and SBA Express Loans, use our SBA loan calculator. The loan duration, intended loan amount, projected interest rate, and yearly net operational revenue are all inputted. After that, the calculator will calculate your monthly payment as well as an estimated amortization timeline.
Note: This calculator should not be used to calculate interest rates or payments on Certified Development Company (CDC)/SBA 504 loans. The SBA 504 loan is split into two halves, and our calculator isn’t set up to compute this loan correctly. Many community development companies can assist you in calculating payments for an SBA 504 loan.
Inputs for the SBA Loan Payment Calculator
The more precise the data you enter into the calculator, the more precise the results. You’ll need to input three pieces of critical information into the calculator:
- Enter the total amount of the loan you’re requesting for in whole dollars in this section.
- Term (in years): This is the length of time you expect to repay the loan you’re requesting for. Working capital loans typically have periods of up to 10 years, whereas real estate loans have maturities of up to 25 years. The smaller your monthly payments are, the longer your loan’s payback period is.
- Expected interest rate: Only interest rates up to the maximum SBA loan interest rate will be accepted by the calculator. Your payment amount is influenced by the interest rate on your loan; greater interest rates result in larger payments.
How to Interpret the Results of the SBA Loan Calculator
- Loan amount: The loan amount for which you are applying is the first and most crucial entry into the calculator. This has to be as precise as possible. SBA Express loans of up to $350,000 and 7(a) loans of up to $5 million are available.
- Monthly payment: The monthly payment is the major result of the SBA loan calculator. It’s crucial to double-check this figure to make sure you can afford it and are happy with a payment of this magnitude. The interest rate on the loan, as well as the loan amount and term duration, influence the monthly payment.
- Amortization schedule: Based on the information supplied, the SBA loan calculator creates an anticipated amortization plan. Over the length of the loan, the amortization plan divides each monthly payment into principle and interest. You can examine how interest rates and terms effect your payments in this way.
You may use the information from the SBA loan calculator to assist you decide whether or not to apply for an SBA loan once you’ve studied the findings. SmartBiz is one of our favorite SBA loan providers. SmartBiz can prequalify you in just a few minutes by filling out a simple online application.
Go to SmartBiz.com to learn more.
What the SBA Loan Payment Calculator Doesn’t Include
Our SBA loan calculator will help you figure out how much your monthly SBA 7(a) or Express loan payment will be. It is not, however, an all-inclusive calculator. The costs connected with SBA loans are not included into our calculation. Fees for lender origination, SBA loan guarantee, loan packaging, and closing charges are all included. Some costs may be rolled into your overall loan amount, while others may need to be paid in advance.
Furthermore, our SBA loan calculator does not give information to assist you in determining if you fit the criteria for the SBA 7(a) or SBA Express loan programs. You should check the qualifying standards before applying for an SBA loan to verify that your company is qualified to receive financing from the SBA.
The many inputs and outputs of the SBA loan calculator, how it works, and the problems that the calculator does not address have been briefly reviewed. After we’ve established the fundamentals, we can go further into how each of these elements affects the computations.
Factors Affecting SBA Loan Payments
The loan amount, payback duration, and interest rate are the three main factors in our SBA loan calculator. These factors have an impact on the overall cost of the loan as well as the monthly payment. Before you make a financing selection, you should know how much an SBA loan will cost each month and throughout the term of the loan.
The loan amount and duration, as well as SBA loan interest rates and fees, all influence SBA loan expenses and monthly payments.
1. Loan Amount & Term
Interest rates are often lower for bigger loans and shorter payback terms. The highest loan amount available via the SBA is $5 million, with payback periods of 10 years for working capital and 25 years for real estate.
2. Interest Rates for SBA Loans
On SBA 7(a) loans, the government establishes the maximum interest rates that lenders may charge. The length of the loan term and the size of the loan amount are used to establish the maximum interest rates.
7(a) loans have a fixed or variable interest rate. The interest rate you’re charged with a variable rate fluctuates with market interest rates. If market rates rise, so will the loan’s interest rate and payments. The shift in interest rate is usually gradual, taking many years to complete.
Keep in mind that the interest rate is not the same as the loan’s annual percentage rate (APR). The APR will rise if additional borrower charges are wrapped into the loan, such as the SBA guarantee fee, packaging fee, and closing fees.
3. Fees for SBA Loans
The guarantee charge is frequently the most expensive SBA loan price. The cost, which is first paid by the lender, is virtually usually passed on to the borrower at closing and is often rolled into the whole loan.
The quantity and period of your loan determine how much you’ll be charged as a guarantee fee. On loans up to $150,000, a 2% fee is levied, a 3% fee is charged on loans between $150,000 and $700,000, a 3.5 percent fee is imposed on loans beyond $700,000, and an extra 0.25 percent is charged on loans over $1 million.
Conclusion
SBA loans are usually the most cost-effective option for small company owners. The SBA business loan calculator can help you calculate your monthly payment for an SBA 7(a) loan for working capital or commercial real estate, as well as provide you with an amortization plan.
If you wish to apply for an SBA loan after utilizing the SBA loan calculator, SmartBiz can prequalify you with a soft credit pull in minutes. SmartBiz can typically deliver SBA loan money in as little as 30 days because to its expedited application procedure.
Go to SmartBiz.com to learn more.
The “sba 7a loan calculator” is a tool that helps users calculate the amount of payments and amortization for an SBA loan.
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