01
Loan amount
What gets financed.
The loan covers the equipment price minus your down payment and any trade-in. A $85,000 machine with $8,500 down means $76,500 financed — the number the payment math runs on.
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What will your equipment loan cost each month?
This loan calculator is the equipment calculator for a machine purchase. It estimates the monthly payment, interest, and total cost of an equipment loan for new or used machinery. Adjust the numbers, then see what financing you may qualify for.
Condition
Estimated monthly payment
$1,622/mo
Amount financed$76,500
Total interest$20,798
Total of payments$97,298
Term60 months
Same equipment at other illustrative rates:
8.00%: $1,551/mo9.90%: $1,622/mo12.00%: $1,702/mo16.00%: $1,860/mo
Estimates are for informational purposes only. Actual rates, terms and payments depend on lender approval and applicant qualifications.
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,622 | $991 | $631 | $75,509 |
| 2 | $1,622 | $999 | $623 | $74,511 |
| 3 | $1,622 | $1,007 | $615 | $73,504 |
| 4 | $1,622 | $1,015 | $606 | $72,489 |
| 5 | $1,622 | $1,024 | $598 | $71,465 |
| 6 | $1,622 | $1,032 | $590 | $70,433 |
| 7 | $1,622 | $1,041 | $581 | $69,392 |
| 8 | $1,622 | $1,049 | $572 | $68,343 |
| 9 | $1,622 | $1,058 | $564 | $67,285 |
| 10 | $1,622 | $1,067 | $555 | $66,219 |
| 11 | $1,622 | $1,075 | $546 | $65,144 |
| 12 | $1,622 | $1,084 | $537 | $64,059 |
| 13 | $1,622 | $1,093 | $528 | $62,966 |
| 14 | $1,622 | $1,102 | $519 | $61,864 |
| 15 | $1,622 | $1,111 | $510 | $60,753 |
| 16 | $1,622 | $1,120 | $501 | $59,632 |
| 17 | $1,622 | $1,130 | $492 | $58,503 |
| 18 | $1,622 | $1,139 | $483 | $57,364 |
| 19 | $1,622 | $1,148 | $473 | $56,215 |
| 20 | $1,622 | $1,158 | $464 | $55,057 |
| 21 | $1,622 | $1,167 | $454 | $53,890 |
| 22 | $1,622 | $1,177 | $445 | $52,713 |
| 23 | $1,622 | $1,187 | $435 | $51,526 |
| 24 | $1,622 | $1,197 | $425 | $50,330 |
| 25 | $1,622 | $1,206 | $415 | $49,123 |
| 26 | $1,622 | $1,216 | $405 | $47,907 |
| 27 | $1,622 | $1,226 | $395 | $46,680 |
| 28 | $1,622 | $1,237 | $385 | $45,444 |
| 29 | $1,622 | $1,247 | $375 | $44,197 |
| 30 | $1,622 | $1,257 | $365 | $42,940 |
| 31 | $1,622 | $1,267 | $354 | $41,673 |
| 32 | $1,622 | $1,278 | $344 | $40,395 |
| 33 | $1,622 | $1,288 | $333 | $39,107 |
| 34 | $1,622 | $1,299 | $323 | $37,808 |
| 35 | $1,622 | $1,310 | $312 | $36,498 |
| 36 | $1,622 | $1,321 | $301 | $35,177 |
| 37 | $1,622 | $1,331 | $290 | $33,846 |
| 38 | $1,622 | $1,342 | $279 | $32,503 |
| 39 | $1,622 | $1,353 | $268 | $31,150 |
| 40 | $1,622 | $1,365 | $257 | $29,785 |
| 41 | $1,622 | $1,376 | $246 | $28,409 |
| 42 | $1,622 | $1,387 | $234 | $27,022 |
| 43 | $1,622 | $1,399 | $223 | $25,623 |
| 44 | $1,622 | $1,410 | $211 | $24,213 |
| 45 | $1,622 | $1,422 | $200 | $22,791 |
| 46 | $1,622 | $1,434 | $188 | $21,358 |
| 47 | $1,622 | $1,445 | $176 | $19,912 |
| 48 | $1,622 | $1,457 | $164 | $18,455 |
| 49 | $1,622 | $1,469 | $152 | $16,986 |
| 50 | $1,622 | $1,482 | $140 | $15,504 |
| 51 | $1,622 | $1,494 | $128 | $14,010 |
| 52 | $1,622 | $1,506 | $116 | $12,504 |
| 53 | $1,622 | $1,518 | $103 | $10,986 |
| 54 | $1,622 | $1,531 | $91 | $9,455 |
| 55 | $1,622 | $1,544 | $78 | $7,911 |
| 56 | $1,622 | $1,556 | $65 | $6,355 |
| 57 | $1,622 | $1,569 | $52 | $4,786 |
| 58 | $1,622 | $1,582 | $39 | $3,203 |
| 59 | $1,622 | $1,595 | $26 | $1,608 |
| 60 | $1,621 | $1,608 | $13 | $0 |
How it works
An equipment loan is mostly principal and patience.
Each monthly payment covers interest on the remaining balance plus a slice of principal. Early payments are mostly interest; later ones are mostly principal. The amortization schedule below the result shows exactly how the balance falls month by month. The rate you assume matters more than anything else, so test a few rates in the comparison strip before deciding the payment fits your cash flow.
02
Principal vs interest
Where each dollar goes.
Interest is charged on what you still owe, so the interest share shrinks every month while the principal share grows. Open the amortization schedule to see the split for every payment.
03
Total cost
The real price of the loan.
Total of payments tells you what the loan actually costs over its life. Comparing that figure across terms shows how much a lower monthly payment really costs in extra interest.
04
Amortization
Month-by-month schedule.
Expand the schedule under the result for a full payment-by-payment table: payment, principal, interest and remaining balance for the entire term.
Important questions
Know what to expect.
How is an equipment loan payment calculated?+
The payment uses the standard amortizing loan formula: the financed amount times the monthly interest rate, divided by one minus one-plus-rate to the power of negative term. In plain terms, loan size, rate and term set the payment.
What is the difference between an equipment loan and a lease?+
With a loan you own the equipment and build equity with each payment. A lease usually has lower payments but you return or buy out the equipment at the end. This calculator estimates loan payments; lease structures differ.
Can I see an amortization schedule?+
Yes. After calculating, expand the amortization schedule under the result for a month-by-month table of payment, principal, interest and remaining balance.
Does this calculator work for used equipment loans?+
Yes. Set the condition to used and enter the machine price as usual. Rates on used equipment can differ from new, so test a range of APRs to see the effect on payment.
Is the rate I enter the rate I will get?+
No. The APR is an assumption you control for illustration. Your actual rate is set by the financing provider after reviewing your business, credit and the equipment.
Financing built into the sale