The calculator on this page takes a price, a down payment, a rate and a term in months, and returns the monthly payment, total interest and total cost including the down payment. The worked examples below use invented figures.
A machine ROI check by hand for a Lincolnton, NC packaging line: payment against added output
The calculator works out payments, not returns. A return check takes one more step by hand: set the payment beside the extra margin the machine is expected to bring in.
Illustration only, invented figures: a Lincolnton, NC manufacturer adds a $143,000 packaging line financed over 84 months at 10.35%. The payment is $2,399.91 a month. If the line is expected to add $3,600 a month of margin after labor and materials, the difference left over is $1,200.09 a month before tax.
The margin estimate is the owner's to make; the calculator only supplies the payment side of the comparison.
Using the machine finance calculator for a Lincolnton, NC electrical contractor's service van
Illustration only, invented figures: an electrical contractor prices a service van at $52,300 with no down payment, at a 9.45% annual rate over 60 months. The payment comes to $1,097.12, and the 60 payments total $65,827.20.
The same entries work for any machine or vehicle: price, down payment, rate, term. An electrician's or plumber's work van fits here as equipment; trucking companies stay outside this site.
Ride-on tracked dumper numbers in the machine payment calculator for a Lincolnton, NC home builder
Illustration only, invented figures: a home builder looks at a $68,750 ride-on tracked dumper over 54 months at 11.2%. Each payment is $1,626.63, and the builder pays $87,838.02 over the term, $19,088.02 of it interest.
Entering the term in years instead of months, 4.5 instead of 54, makes the payment come out far too high; the term box always takes months.
How the term box moves a Lincolnton, NC CNC mill estimate once freight and rigging sit inside the price
Illustration only, invented figures: a Lincolnton, NC job shop is quoted $78,600 for a used CNC vertical mill, and the dealer adds $3,400 for freight and rigging onto the shop floor. The shop puts no cash down and wants all of it financed, so the price box gets $82,000, not the $78,600 quote. The rate box gets 10.85%, and the term box is tried three ways.
| Term | Monthly payment | All payments | Interest |
|---|---|---|---|
| 48 months | $2,113.36 | $101,441.28 | $19,441.28 |
| 60 months | $1,776.75 | $106,605.00 | $24,605.00 |
| 72 months | $1,554.50 | $111,924.00 | $29,924.00 |
In this invented example, going from 48 months to 72 trims $558.86 off each payment, and the shop pays $10,482.72 more in interest for that relief. The step from 60 to 72 months is smaller on the payment, $222.25 a month, yet still adds $5,319.00 of interest. The table uses each payment rounded to the cent and multiplied by the number of months.
Which column fits is a cash question for the shop: the payment has to fit the shop's monthly cash, including any months before the mill's first jobs are billed. Leaving freight and rigging out of the price box would understate every figure in the table, because the financed amount in this invented example would be $3,400 short.
CNC machine loan calculator inputs for a Lincolnton, NC lathe, with and without a down payment
Illustration only, invented figures: a Lincolnton, NC machine shop prices a CNC lathe at $96,400, at 10.55% over 72 months.
| Down payment | Amount financed | Monthly payment | Total interest |
|---|---|---|---|
| None | $96,400 | $1,812.74 | $34,117.28 |
| $14,500 | $81,900 | $1,540.08 | $28,985.76 |
The $14,500 down payment lowers each payment by $272.66 and the interest over the term by $5,131.52. These table figures use the payment rounded to the cent; the calculator works from the unrounded payment, so its totals can differ by a few cents.
For the contract types behind the payment, see equipment financing. Wiring a lathe into shop power is property work outside this site.
By Plumbend Lending Group ยท Updated
