Equipment loan calculator
Estimate the monthly payment on an equipment loan or Equipment Finance Agreement (EFA) — the option where you own the equipment at the end of the term.
This tool gives an estimate for planning purposes only — it is not a loan offer, a lease quote, or a guarantee of terms. Your actual rate, payment, and approval depend on your credit, time in business, and the specific equipment. Tax figures are simplified and not tax advice; talk to your accountant about Section 179 and your actual tax situation. Contact us for real numbers on your deal.
Want numbers specific to your deal?
Submit an inquiry and Darlene will find the financing program best suited to your equipment purchase.
How this is calculated
This calculator uses standard loan amortization: the amount financed (equipment cost minus down payment) is paid off in equal monthly installments of principal and interest over the term, at the annual rate you enter. It's the same math banks and equipment lenders use for a fully amortizing loan — the only thing this tool can't know is your actual rate, which depends on your credit and industry. See Rates for what typically moves that number, or compare this to a lease.
Frequently asked
How is an equipment loan payment calculated?
Equipment loans use standard amortization: your monthly payment is calculated from the amount financed (equipment cost minus down payment), the annual interest rate, and the term in months, so that the loan is fully paid off — principal and interest — by the end of the term.
What rate should I use in this calculator?
Use your best estimate or a rate you've been quoted. Equipment financing rates vary by industry, credit score, time in business, and the specific equipment — see the ABC's of Financing page for what actually moves your rate. This tool doesn't assume a rate for you; it does the math on whatever you enter.
Does a bigger down payment always lower my total cost?
Yes — a larger down payment reduces the amount financed, which lowers both your monthly payment and the total interest paid over the term, assuming the rate and term stay the same.
Is this the same as what I'll actually be approved for?
No. This is a planning estimate based on numbers you enter. Actual approval, rate, and terms depend on your credit, industry, time in business, and the lender's underwriting — see Rates for what typically affects that.