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Equipment Payments

Equipment loan calculator

Work out the monthly payment on an equipment loan, and the total interest the term will actually cost you. Enter the price, your down payment, the rate, and the term, and see the payment, what you will pay all in, and how much of it is interest, so a low monthly number does not hide a high total.

§ 01 Your numbers

Change anything. The answer updates as you type.

The purchase price you are financing, before any down payment.
Cash up front. Reduces the amount financed and every payment after it. Zero for a no-money-down deal.
The annual rate from your quote. Equipment financing runs higher than a mortgage and lower than a credit card.
How long you pay. A longer term lowers the monthly payment and raises the total interest, and the calculator shows both.
Monthly payment
$467
  • Amount financed$22,500
  • Total interest over the term$5,524
  • Total of payments$28,024
  • All-in cost (price + interest)$30,524
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$400 to $1,200 a month is a typical equipment loan. Shop the rate and confirm what the payment includes.

What this assumes, and where it could be wrong

Every one of these is a place the number could be off. They are here because you should be able to check our working, not because we are hedging.

THE MONTHLY PAYMENT IS NOT THE COST OF THE LOAN. THE INTEREST IS.
A longer term always lowers the monthly payment, which is exactly why lenders offer it, and it always raises the total interest. The calculator shows the payment and the total interest side by side so you can see the trade rather than only the number the salesperson leads with. A shorter term costs less in total, so take the shortest term you can actually afford the payment on

The rate is yours to enter, from the quote in front of you. Equipment financing sits between a mortgage and a credit card, and it depends on your credit, the lender, and whether the equipment itself is the collateral. A calculator cannot tell you your rate; it can only show what a rate costs.

This is the loan only. Sales tax, delivery, installation, and any fees rolled into the deal are real money and are not in the price field unless you add them. If the financing wraps them in, put the full financed amount in the price and set the down payment to match your cash.

A zero-percent offer is handled correctly here (the payment is just the amount financed divided by the term), but read the fine print: zero-percent deals often come instead of a cash discount, so the real cost is the discount you gave up, not the interest you did not pay.

The defaults are ours and are a starting point. The price, rate, and term are yours, and the payment is only as right as those three inputs and the quote they came from.

Frequently asked questions

How do I calculate an equipment loan payment?
Take the amount financed (price minus down payment), the monthly rate (the APR divided by twelve), and the number of months, and apply the standard amortization formula. The calculator above does it for you and also shows the total interest, which is the number that actually tells you what the loan costs.
What is a typical interest rate on an equipment loan?
It varies with your credit, the lender, the term, and whether the equipment secures the loan, and it generally sits above a mortgage rate and below a credit card. We will not quote a single figure as if it were yours; enter the rate from your actual quote and the calculator shows what it costs over the term.
Should I put money down on equipment?
A down payment lowers the amount financed and every payment after it, and it reduces the total interest. It also protects you from owing more than the equipment is worth early in the term. The trade is the cash you tie up now, which matters most if that cash is your working capital.
Is a longer loan term cheaper?
No. A longer term lowers the monthly payment and raises the total interest, every time. It can be the right call if the lower payment keeps the business liquid, but it is not cheaper. The calculator shows both numbers so you can choose the trade with your eyes open.

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