The calculator turns a quote into a monthly payment. It does not know any partner’s rate; the rates in the examples below are invented, and any real rate comes from a funding partner’s offer.
Equipment loan calculator, seen from a Livonia, MI physician office budgeting for a cardiac stress test system
The calculator takes four entries: the equipment price, a down payment if there is one, the annual interest rate and the term in months. Out come an estimated monthly payment, the interest summed over every month, and a total cost that adds the down payment back in.
Illustration only, invented figures: a Livonia, MI physician office gets a $36,940 quote for a cardiac stress test system, a treadmill with its ECG monitor, and plans $3,694 down. Entered with a 10.25% annual rate over 48 months in this invented example, it finances $33,246 at a payment of about $847.20 a month.
The system stands on the floor of a clinic exam room and plugs into an outlet, so it is equipment. For 2023, ZIP Code Business Patterns found 14 offices of physicians with street addresses in ZIP 48150, the office ZIP.
HVAC financing calculator numbers for a Wayne County, MI heating and cooling contractor's service van
The calculator works from a price to a payment. A contractor who starts from a budget can work backward by hand. Illustration only, invented figures: a Wayne County, MI heating and cooling contractor can carry $950.00 a month for a new service van over 60 months at an 11.35% annual rate. In this invented example that payment matches about $43,344.60 financed (our arithmetic).
With $6,000 down, a van with shelving and a refrigerant recovery machine priced at $49,300 fits that budget in this invented example: entered in the calculator, it shows a payment of about $949.02. The van and its tools are equipment for the contractor; heating and cooling systems installed in a building are property work and are not financed here.
Plumbing, heating and air-conditioning contractors numbered 301 in Wayne County, MI in 2023 (County Business Patterns, NAICS 238220). The same 2023 ZIP file lists 34 plumbing, heating and air-conditioning contractors located in ZIP 48150.
Months, not years, in the term box: a Livonia, MI quick-service restaurant's freezer quote
The payment math is the same for any fixed-rate amount, and movable kitchen equipment shows it well.
Illustration only, invented figures: a Livonia, MI quick-service restaurant prices a reach-in freezer at $6,450, a conveyor toaster at $3,180 and a sandwich prep table at $4,270, $13,900 together. At a 12.15% annual rate over 36 months, the calculator shows about $462.68 a month in this invented example.
The term box takes months, not years. Typing 3 instead of 36 in this invented example would show about $4,727.47 a month, a payment far too high, so a result that looks out of scale is a sign the term went in as years. Nonemployer Statistics counted 410 limited-service restaurants without paid employees in Wayne County, MI for 2024.
Calculator math with and without $10,000 down: a Livonia, MI dental office's operating microscope
A dental office’s operating microscope on a rolling floor stand is equipment, and the calculator prices it the same way.
Illustration only, invented figures: a Livonia, MI dental office enters a $46,930 microscope at a 9.7% annual rate over 60 months with no down payment, a payment of about $990.21 in this invented example. Putting $10,000 down in the same invented example lowers it to about $779.21.
Based on the rounded payments in this invented example, the 60 payments total $59,412.60 without the down payment and $46,752.60 with it, so the down payment trims interest by $2,660.00 while $10,000 leaves the office on day one. Dental offices with ZIP 48150 street addresses came to 22 in 2023, by the ZIP Code Business Patterns tally. Loans and leases on machines are set side by side on the equipment financing page.
By Lakebridge Finance · Updated