Best Online Amortization Calculator
What it is: Amortization is the process of paying off both your principal loan amount and the interest on your loan in fixed monthly payments over a set term. For businesses, this means spreading out the cost of a major expense over years, instead of having to report a significant one-time loss.
What to use: CalculateStuff’s Amortization Calculator. Plug in the amount you tend to borrow, your interest rate, the term of your loan, and the loan start date. The loan amortization calculator will provide you with a clear breakdown of your monthly payments by year and by month, including how much of your payment will go to your principal amount and how much will go toward paying off interest.
Best Online Commercial Real Estate Calculator
What it is: A commercial real estate loan is a type of mortgage loan. Instead of being taken out for residential purposes, however, it’s taken out specifically to finance the purchase of a revenue-building enterprise, such as a retail space, office space, warehouse space, or a hotel or rental property.
What to use: Calculator.org’s Commercial Loan Calculator. Provide information on your loan amount, interest rate, mortgage term, and amortization term. The calculator will spit out a few fundamental figures for you: your monthly P&I payment, your interest-only payment amount, and your balloon payment amount. Click on “Create Amortization Schedule” to easily see how those amounts will impact your loan over time.
Best Online Balloon Lease Calculator
What it is: A type of loan that lets you reduce monthly costs for a set period of time, followed by one large payment to pay off the remaining balance at the end of the term. Businesses generally use balloon loans for short-term or commercial real estate financing. Because the large payment at the end is high-risk for lenders, business owners are typically required to have excellent credit to qualify.
What to use: MortgageCalculator.org’s Balloon Mortgage Calculator. Enter in your loan amount, interest rate, loan term, and first payment date. If you have information on your upfront payment fee, loan fee, and final balloon payment fee you can enter those as well. The calculator will be able to tell you how many monthly payments you’ll have to make before your balloon payment is owed, your total costs in principal and interest, and more. Create a printable amortization schedule right on the page to view your costs over time.
Best Online Construction Loan Interest Calculator
What it is: A short-term loan to finance the building of a commercial property. Because you likely won’t be making money on the property until construction is complete, interest on a commercial construction loan comes out of a special interest reserve funded by the loan itself. Ideally, by the time the reserve runs out you are making returns on your build and can start to pay back interest the traditional way.
What to use: Dinkytown’s Construction Loan Calculator. This calculator works to break down the specifics of your construction loan whether you’re building from scratch or renovating an existing property. Fill out the loan amount, expected value of the finished property, length of project, interest rate, and loan term. The calculator will be able to tell you everything from your required down payment to your initial interest payment (which comes out of your reserve) and your final, post-build interest payment.