Fieldstone Lending, a small-business funding broker in Gillette, Wyoming, offers this free equipment loan repayment calculator. Enter the equipment price, your down payment, an annual rate and a term in months to see the monthly payment and the total cost including the down payment. Results are estimates, not offers; lending partners set actual terms.
| Inputs | Machine price, money down, yearly rate, months |
|---|---|
| Outputs | Monthly payment; total cost including down payment |
| Assumes | One fixed rate, level monthly payments, fees left out |
| Campbell County, WY construction | 188 construction employers in the county (CBP 2023) |
The math behind the equipment calculator
It subtracts the down payment from the price, then applies standard amortization to the rest: equal monthly payments that cover each month's interest and bring the balance to zero on the last payment. It shows that payment and the total cost, meaning all payments plus the down payment.
It does not model leases, balloon payments, skip-payment schedules, fees, taxes or insurance. Add those by hand, or ask the partner for the total cost in writing.
A worked example with invented figures
Hypothetical inputs chosen for easy arithmetic, not a quote: a used loader priced at $60,000 with $6,000 down, at an annual rate of 9 percent. Over 48 months the payment comes to about $1,343.79 and the total cost to about $70,502. Stretch it to 60 months and the payment drops to about $1,120.95, but the total cost rises to about $73,257.
Double the down payment to $12,000 on the 48-month version and the payment falls to about $1,194.48, with a total cost of about $69,335. A bigger down payment lowers both numbers; a longer term lowers only the payment.
Reading the two outputs
The monthly payment tells you whether the machine fits this year's budget. The total cost tells you what it really costs the business. When comparing two offers, look at both: a lower payment with a much higher total usually means a longer term, and the extra cost buys only breathing room.
Term length against machine life
A term longer than the machine's useful life means paying for equipment you have already replaced. Used equipment usually gets a shorter term for that reason; the post on financing used equipment explains what partners check. A by-hand check worth doing: divide the price by the years you expect to run the machine, and make sure the term does not outlast that.
Campbell County, WY trades this tool was built for
Construction had 188 employer establishments in the county in 2023, including 116 specialty trade contractors (U.S. Census Bureau, County Business Patterns 2023), the sector this page was built for. The construction financing page covers the rest of a contractor's needs, and the equipment financing page compares loans, leases and finance agreements.
Using the results
Results come only from what you enter. A partner's offer may differ in rate, term, fees and schedule. Further guides wait on the Fieldstone resources hub.
By Fieldstone Lending · Updated
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