Equipment loan payment = amount financed × r ÷ (1 − (1 + r)^−n), with r the monthly rate and n the number of months. A 60,000 machine with 10,000 down, financed at 7.5% over 60 months, costs 1,001.90 a month and 10,113.85 in interest. Add the machine's working hours to see the finance cost per hour.
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Construction Equipment Loan Calculator
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Monthly payment
1,001.90
Amount financed
50,000.00
Total interest
10,113.85
Total of all payments
60,113.85
Total cost of the machine (payments + down + trade-in)
70,113.85
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Payment = P × r ÷ (1 − (1 + r)^−n), r = 7.500% ÷ 12, n = 60: 1,001.90 a month
Interest = 1,001.90 × 60 − 50,000.00 = 10,113.85
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Generated with myconstructioncalculator.com. Estimates for planning and ordering only; verify against drawings and specifications.
Formula
Amount financed = price + tax − down payment − trade-inPayment = P × r ÷ (1 − (1 + r)^−n), r = yearly rate ÷ 12, n = monthsTotal interest = payment × n − P
Worked Example
An excavator at 60,000 with 10,000 down, 7.5% over 60 months:
Financed = 60,000 − 10,000 = 50,000
r = 7.5% ÷ 12 = 0.625%; payment = 1,001.90 a month
Interest = 1,001.90 × 60 − 50,000 = 10,113.85
Monthly Payments at 7.5%
Amount financed
36 months
48 months
60 months
84 months
25,000
777.66
604.47
500.95
383.46
50,000
1,555.31
1,208.95
1,001.90
766.91
100,000
3,110.62
2,417.89
2,003.79
1,533.83
250,000
7,776.55
6,044.73
5,009.49
3,834.57
Frequently Asked Questions
How is an equipment loan payment calculated?
Take the price plus tax, less the down payment and trade-in, and spread it over the term with interest: payment = P × r ÷ (1 − (1 + r)^−n). 50,000 at 7.5% for 60 months is 1,001.90 a month.
Does a longer term save money?
It lowers the monthly payment but adds interest. 50,000 at 7.5% costs 5,991 in interest over 36 months but 14,421 over 84 months.
How much down payment do I need for construction equipment?
It depends on the lender, the machine and your credit. A bigger down payment or trade-in lowers both the payment and the total interest; enter different amounts to compare.
How do I work out the finance cost per hour?
Divide the monthly payment by the hours the machine works in a month. 1,001.90 over 120 hours is about 8.35 an hour, to add to fuel, maintenance and operator costs.
Should I finance or hire equipment?
Compare the monthly payment plus running costs with hire rates for the hours you will use the machine. Machines used every week often cost less to own; occasional use usually favours hire.
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