Business Line of Credit Calculator
Calculate monthly payments, interest costs, and repayment schedules for a business line of credit. Compare different credit terms and draw scenarios.
Step 1: Credit Details
Understanding Lines of Credit
A business line of credit provides flexible access to funds up to a predetermined limit. Interest is typically charged only on the amount drawn. Common rates range from 6% to 25% depending on creditworthiness and loan type.
Step 2: Calculation Options
Line of Credit Formula
Monthly Payment: Payment = (Draw Amount × (Rate/12)) / (1 – (1 + Rate/12)^(-Term))
Total Interest: Interest = (Monthly Payment × Term) – Draw Amount
Total Cost: Total = Draw Amount + Total Interest
Line of Credit Calculation Results
Monthly Payment
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
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Loan Type Comparison
| Loan Type | Monthly Payment | Total Interest | Total Cost | Best For |
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