Guaranty (or guarantee) fees, also called the Upfront Fee.Fixed 7(a) loan rates are tied to the prime rate, SBA Optional Peg Rate or Libor (though Libor is being phased out). Interest – Variable rates are based on the prime rate.Principal – Original amount of the loan.The costs of a 7(a) loan include the following: This means you may need to check with different financial institutions in order to find the right lender for your qualifications. Each lender must follow SBA guidelines but may impose their own requirements as long as they don’t discriminate against borrowers on a prohibited basis. Loan proceeds may be used for any number of specific purposes, including: new construction, expansion or renovation, or to purchase land or buildings to purchase equipment, fixtures, leasehold improvements working capital for a seasonal line of credit, inventory or starting a business or even to refinance debt for compelling reasons. The SBA 7(a) loan is the most popular loan program. See the most common SBA loans for additional guidance. Some expenses don’t apply to all, and others may have special considerations that are unique to the loan. Each loan will have slightly different fees and payment terms. In addition to using the SBA loan calculator, it’s wise to become familiar with the type of SBA loan you are interested in. For specific costs, consult your lender or the terms of your loan contract. However, it is not meant to provide an exact monthly payment for your SBA loan and should not be relied upon as such. Keep in mind that if your loan carries a variable interest rate, your payments may change as rates change. It can give an estimated monthly payment with details provided by you, such as loan term, loan amount, and interest rate. Total interest can be calculated by subtracting fees from the total financing cost.The SBA 7(a) loan is just one loan offered by the SBA, and the term loan calculator takes the basic factors of your loan cost into consideration to help you understand your SBA payment for a term loan. You’ll also be able to see an Annual Percentage Rate (APR) to compare costs. Total interest can be calculated by subtracting fees from the total financing cost.

If one of the information fields doesn’t apply, just type “0” into the term loan calculator, and you’ll be able to calculate the estimated monthly payment amount for your loan.

Monthly servicing charge, if applicable.

Origination and application fees, if applicable.

To make the best use of this tool, you’ll need some information about your proposed loan: This is a standard term loan calculator for a fixed-rate loan with a fixed-repayment period.

Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.Understanding How the SBA Loan Calculator Works.

Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term.

Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan.

You can use Bankrate’s APR calculator to get a sense of how your APR may impact your monthly payments.

APR: The APR on your loan is the annual percentage rate, or cost per year to borrow, which includes interest and other fees.

This rate is charged on the principal amount you borrow.

Interest rate: An interest rate is the cost you are charged for borrowing money.

When taking out any loan, it’s important to understand these four factors:

Common types of unsecured loans include credit cards and student loans.

Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency.

In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. Secured loans require an asset as collateral while unsecured loans do not.

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