Dump Truck Loan Payment Calculator

See the monthly payment on a truck, then carry it into your cost per hour.

  • Free · No sign-up
  • Updated
Truck type

Starting numbers are examples. Use your lender's quote.

The loan
In dollars.

Include anything you finance with the truck, such as the body or taxes.

In dollars.

Cash or trade-in value you put down.

In percent a year.

Example only. Use the rate your lender quotes.

In months.

For example 60 months is 5 years.

Monthly payment

$2,491.00/mo

  • Amount borrowed$120,000.00
  • Total of all payments$149,460.16
  • Total interest$29,460.16

Use this payment in my cost per hour

An estimate. Your lender's payment can differ (fees, how interest is charged). Not financial advice.

What's next

How this is calculated

  1. Truck price − down payment
  2. Amount borrowed
  3. APR and term
  4. Monthly payment
  • Amount borrowed = truck price − down payment.
  • Monthly rate = APR ÷ 100 ÷ 12.
  • Monthly payment = amount × monthly rate ÷ (1 − (1 + monthly rate)^−months). At 0% it is simply the amount ÷ months.
  • Total interest = monthly payment × months − amount borrowed.

Worked example: a $150,000 truck with $30,000 down leaves $120,000 to borrow. At 9% APR over 60 months the payment is $2,491.00 a month: $149,460.16 in total, of which $29,460.16 is interest. At 0% it would be $2,000 a month; over 84 months at 9%, $1,930.69.

Related guides

Questions

How is the monthly payment worked out?

With the standard loan formula: the amount you borrow (price minus down payment) is spread over the term, with interest charged each month on what is still owed. A $150,000 truck with $30,000 down, at 9% APR over 60 months, is about $2,491 a month.

What interest rate should I use?

The rate your lender quotes you. The 9% this calculator starts with is only an example, not a market rate. Rates depend on your credit, time in business, the truck and the lender.

How much does a new dump truck cost?

A 2022 estimate put new tri-axle dump trucks at $100,000–$180,000 (ProjectionHub). Prices have changed since then, so get current quotes.

How does the payment affect my hourly rate?

The payment is a fixed cost: you pay it whether the truck works or not, so it is spread over your billable hours. Tap "Use this payment in my cost per hour" to see what it adds to every hour, then set your rate in the hourly rate calculator.

Is a longer loan better?

A longer term lowers the monthly payment but usually means more interest overall. In the example, 84 months instead of 60 brings the payment down to about $1,930.69 a month, and you pay for two more years.

What else does buying a truck cost besides the payment?

MC filing, IRP plates, HVUT, permits and the insurance down payment, all due before the first load. Our sister site CostPerMile adds those up by state in its authority cost estimator.

Sources

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