Hazelgrove Lending Group, based in Redding, CA, offers an equipment finance calculator for auto shops and other businesses: enter a price, down payment, annual rate and term to estimate the monthly payment, total interest and total cost including the down payment. It does not produce an amortization table or balloon payments; this page shows that arithmetic by hand.
What the calculator computes
- Estimated monthly payment on the amount financed (price minus down payment)
- Total interest across all the payments
- Total cost including the down payment
Behind the numbers sits one assumption: a fixed rate and identical monthly payments. Real offers can include fees, different payment frequencies or end-of-term payments the calculator does not model. Use the rate stated in an actual offer when you have one.
Equipment loan calculator with amortization: doing it by hand
The calculator shows totals, not a month-by-month schedule. To see how the first payment splits, multiply the amount financed by the annual rate and divide by 12: that is the first month's interest. Whatever is left of the payment pays down principal. Example, hypothetical: $12,000 financed at an assumed 10 percent gives about $100 of interest in month one; if the payment is $304, about $204 goes to principal. Each month the interest share shrinks as the balance falls.
Equipment finance calculator with a balloon payment
Some agreements set a large final payment (a balloon) to lower the monthly amount. This calculator does not model balloons. If an offer includes one, ask the partner for the full payment schedule and add every payment plus the balloon to compare it with a standard agreement. The monthly figure alone hides the cost.
Comparing two quotes with the calculator
Hypothetical example. Quote A: an alignment rack at $21,000 with $2,000 down. Quote B: a similar rack at $19,500 with nothing down. Run both at the same assumed rate and term and compare the total cost including down payment, not just the monthly figure. Then add anything the calculator cannot see: installation, training, software and the expected working life of each machine. The cheaper monthly payment is not always the cheaper machine.
Auto shop examples to try
Shop purchases can include a two-post or four-post lift, an alignment rack, a tire changer and balancer, a scan tool subscription with hardware, or an AC recovery machine. Enter the quote including installation. The auto repair funding page explains how partners review these requests, and the equipment financing page compares loans, leases and finance agreements.
Using it as a business loan payment calculator
Leave the down payment empty and the calculator works as a general business loan payment calculator for any fixed-rate, fixed-term amount. For a line of credit or a merchant cash advance it does not apply, because those are not repaid in equal monthly installments. The calculator's companion guides sit on the resources page.
