This equipment payment calculator takes an equipment price, a down payment, an annual interest rate and a term in months, and returns the monthly payment and the total cost including the down payment. Shoreharbor Capital Group, a small-business funding broker in Wilson, North Carolina, provides it for illustration only; it is not an offer or an estimate of terms.
What to enter
- Equipment price: the quoted price of the coolers, shelving, POS terminals or other equipment.
- Down payment: what you will pay up front. Enter zero if none.
- Interest rate: the annual rate from the offer or quote you are testing.
- Term: how many monthly payments the deal runs.
The calculator returns three figures: the monthly payment on the amount financed, the total interest, and the total cost, which is the down payment plus every monthly payment.
A check with no interest
To see the arithmetic, take a hypothetical $3,600 price, a $600 down payment, a zero rate and 24 months. The amount financed is $3,000, so the payment is $125 a month, and the total cost is $600 plus 24 payments of $125, or $3,600. With any interest above zero, both figures rise. These numbers test the method; they are not an offer.
Steps the calculator does not do
- Fees. Documentation or origination fees are not included. Add any fee financed into the balance to the price, or add an up-front fee to the total cost by hand.
- Sales tax, delivery and installation. Add them to the price if they will be financed, or to the total cost if paid separately.
- Leases. A lease payment and its end-of-term buyout are set by the lease, not by this arithmetic. To compare a lease with a purchase, add up all lease payments plus the buyout by hand and set that beside this calculator's total cost.
- Comparing quotes. Run each quote separately and compare the total costs, not just the payments.
Illustrative arithmetic only. Actual rates and terms are set by lending partners.
Using the result
Set the monthly payment against the sales the equipment is meant to support. A display cooler or a second POS station should help produce more than it costs each month. The equipment financing page compares loans, leases and equipment finance agreements, and the guide library covers opening a storefront.
By Shoreharbor Capital Group · Updated