How to Use the Term Loan Calculator.

Loan Amount: The loan amount should be easy for you to spot — it’s the total amount the lender is offering to your business.

Interest Rate: The interest rate represents the charge on borrowed funds, while the APR encompasses the total loan cost, including fees. To make accurate comparisons, utilize a business loan calculator to determine the lowest-cost option that suits your needs.

Origination & Application Fees: Lenders charge origination fees to cover loan processing costs. Similarly, application fees help cover credit checks and background verification expenses.

Loan Term: The loan term refers to the duration of your loan, typically expressed in months for business term loans.

Monthly Servicing: A lender may require a monthly servicing fee, covering ongoing costs like the origination fee.