I don’t understand how the Sba calculator generated a payment of 320$ monthly for a 250k$ loan at 10 years. I am starting a business with my husband and we plan on borrowing between 200 and 250 thousand dollars. We are estimating to be profitable in 7-8 months. When do the payments begin? We cannot afford a large payment initially. Other calculators I have used said our payment would be 2,000$ a month.
Thank you for your question. It sounds like you may have missed a numeral when you were entering the loan amount into the calculator. If you entered $25,000 with a repayment term of 10 years, and an interest rate of 9.25 (which is the rate that our calculator currently defaults to) the calculator provides an estimated payment of $320.08.
With regards to your question about when your payments would begin, you can typically expect that your first payment would be due roughly one month from your loan closing.
I hope this helps!
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