Type in the machine's price, a down payment if there is one, the yearly rate and the number of months. The results are arithmetic only: no fees or taxes, and no offer. Four invented machines below show how to read them.
Equipment loan calculator inputs for an Alice, TX auto repair shop pricing a brake lathe
An Alice, TX auto repair shop pricing a brake lathe fills in the price, the down payment if any, the annual rate and the term. Illustration only, invented figures: price $11,850, no down payment, an 11.4% annual rate and 36 months.
| Estimated monthly payment | Total interest | Total cost |
|---|---|---|
| $390.20 | $2,197.20 | $14,047.20 |
The three results read this way. The estimated monthly payment is the fixed amount that clears the financed sum by the last month at the rate entered. Total interest is every payment added together, less the sum financed. Total cost adds the down payment back in, so it is the whole outlay for the machine before any fees an offer lists.
For the invented lathe, the shop pays $2,197.20 over three years for spreading the price, by our arithmetic. Running the same price at 24 months instead raises the payment and lowers the interest, and the calculator shows both in one pass.
Auto repair and maintenance (NAICS 8111) counted 18 Jim Wells County, TX employer establishments in 2023, and 66.7% of them had fewer than five employees (County Business Patterns).
Running a meat band saw and vacuum packaging machine through the equipment loan calculator for a Jim Wells County, TX meat market
Illustration only, invented figures: a Jim Wells County, TX meat market prices a meat band saw and a vacuum packaging machine at $5,460 and runs it at a 12.9% annual rate over 24 months.
| Estimated monthly payment | Total interest | Total cost |
|---|---|---|
| $259.32 | $763.68 | $6,223.68 |
Two years keeps the payment short on a small price. The calculator covers the machines' price only; a new circuit for the band saw is property work, outside this site.
Down payment and the months box: an equipment finance calculator check on pipe handling tools in Alice, TX
The down payment box and the months box are the two worth a second look. Illustration only, invented figures: an Alice, TX oilfield service company prices pipe handling tools at $18,200, puts $3,000 down, and uses a 10.75% annual rate over 48 months.
| Entry | Estimated monthly payment | What it shows |
|---|---|---|
| $3,000 down, 48 months | $391.01 | The financed $15,200 over four years |
| No down payment, 48 months | $468.18 | The whole $18,200 financed |
| $3,000 down, 4 typed in the months box | $3,885.48 | Years typed as months: far too high |
With the $3,000 down in this invented case, total interest is $3,568.48 and the total cost, down payment included, is $21,768.48, by our arithmetic. A payment about ten times too large most likely means the term went in as years.
Equipment financing calculator results for an Alice, TX quick-service restaurant's fryer and griddle
Illustration only, invented figures: an Alice, TX quick-service restaurant prices a fryer and a griddle at $16,480 and runs the calculator at a 9.95% annual rate over 60 months.
| Estimated monthly payment | Total interest | Total cost |
|---|---|---|
| $349.75 | $4,505.00 | $20,985.00 |
The gas line and hood connections a fryer or griddle needs are property work, outside this site and outside the calculator's price. ZIP Code Business Patterns put 25 limited-service restaurant employers at ZIP 78332 addresses in 2023.
Five years is a long run for a fryer that works every shift. Typing 36 in the months box shows what a shorter term does to the payment, and a term that ends while the equipment still has years left keeps the restaurant from paying for a fryer it has already replaced. The equipment financing page covers loans, fair market value leases and used machines.
By Southmoor Business Funding ยท Updated