Technology can help you get funded with a busines loan calculator
Our Business Loan Calculator helps you calculate the cost of a Camino Financial Business Loan. It will provide you with your monthly payment amount and the cost of your loan. We want to be 100% transparent with you on the terms and cost.
How Do I Use the Business Loan Calculator?
Our Business Loan Calculator is so easy to use, simply enter the following info:
- Loan Amount – Enter your desired loan amount.
- Number of Payments – Please select from 24 to 60 monthly payments.
- Monthly Interest Rate – Please select from 1% to 2.5% interest rate.
Once you have selected these fields, click Calculate. Review the Loan Terms, Cost of the Loan and Monthly Payments. If you would like to run a new calculation, click Reset Calculator.
Can I Afford the Small Business Loan Payments?
Once you calculate your Monthly Payment with the Business Loan Calculator, make sure it does not exceed 80% of your monthly personal and business income net of existing debt payments. For example, if your household income after rent and credit payments is $1,000 per month, you can afford a loan with a Monthly Payment of $800.
Also, ensure the Cost of the Loan does not exceed the expected benefit from your investment. For instance, if you plan to buy inventory with the loan and make $2,000 in gross profit within 12 months, you should take the loan as long as you can afford the Monthly Payment and the Cost of the Loan is below $2,000.
Pre-qualify for a loan within 24 hours! Have Question? We’d love to help Call us at (800) 852-0655 to speak with a lending specialist.
Glossary of Business Loan Calculator Terms
- LOAN AMOUNT: The requested business loan amount.
- ANNUAL INTEREST RATE: This is your annual interest rate, this rate helps calculate your total interest paid.
- TOTAL INTEREST PAID: This is the total interest paid during the term of the loan.
- CLOSING FEE:This is the fee that is paid for the loan. This amount is deducted from the Loan Amount on the day it’s funded.
- FUNDING FEE:This fee is charged by the bank for sending you via ACH (or direct deposit) the funds. This amount is deducted from the Loan Amount.
- DOCUMENTATION FEE: With our paperless online application we change no documentation fees.
- COST OF THE LOAN: The cost of the loan is the sum of the Total Interest Paid, Closing Fee, Funding Fee and Documentation Fee.
How do I apply for a Business Loan?
Our online application is free and it will not affect your credit score. Click here to see if you qualify and get pre-qualified within 24 hours.