Business Loan Payment Calculator
Your business could need a loan to take advantage of a potential growth opportunity like land or building space.A business loan could also help you with advertising, equipment or other expenses, or just to rebound from a slow quarter.
Whatever the reason, it pays to seek out the best business loan terms and work with a bank you trust to handle your business’s needs.
As with most loan types, you’ll pay off the principal each month plus interest. As the amount you owe decreases, more of your payment will go towards the principal. Use a business loan calculator to estimate how getting a business loan will affect your monthly budget. You’ll need the loan amount, available interest rate and loan term to calculate your payment.
Frequently Asked Questions
What are current loan rates?Loan rates can be fixed or variable. It’s suggested that you find a local banker to assist you with specific loan rates.
What is APR and how does it differ from the interest rate?While the interest rate shows you the annual cost of borrowing the amount, the APR includes fees such as mortgage insurance, closing costs, discount points and loan origination fees. Both are expressed as percentages.
How long are business loans typically?For SBA 7(a) loans, terms very from 10 to 25 years, and can be blended across several asset classes.
Contact a local banker to assist you with specific loan variables. SouthState offers multiple types of business lending options from loans to lines of credit to equipment financing.