Semi Truck Loan Calculator
Monthly payment for a semi truck loan with down payment, trade-in, fees and an optional balloon, plus total interest, cost per mile and a schedule.
Financing a tractor is a business decision measured in cents per mile. Enter the truck price, what you put down and the lender's rate and term to see the monthly payment, the interest you will pay over the loan and what the payment costs per mile you drive. A balloon option shows how a lower monthly payment shifts cost to the end of the loan.
How to use this tool
- Enter the truck price, your down payment and any trade-in value.
- Add taxes or fees you are rolling into the loan.
- Enter the nominal annual interest rate and pick the term from the lender's offer.
- Optionally add a balloon payment and your monthly miles.
Formula
Payment = (P − B ÷ (1 + r)ⁿ) × r ÷ (1 − (1 + r)^−n)
P is the amount financed (price + financed fees − down payment − trade-in), B the balloon due at the end, r the monthly rate (nominal annual interest rate ÷ 12 ÷ 100) and n the number of months. With no balloon this is the standard loan payment formula; at 0% it is (P − B) ÷ n.
Example
A $150,000 truck with $15,000 down leaves $135,000 to finance. At 9% nominal annual interest rate for 60 months, r = 0.0075 and the payment comes to $2,802.38 a month, with $33,142.68 of interest over the loan. Driving 10,000 miles a month, the loan costs about $0.280 a mile.
Frequently asked questions
What interest rate is typical for a semi truck loan?
Use the contractual interest rate for monthly compounding. A disclosed APR may include fees and differ from that rate. Payment timing, financed charges and lender rounding can also change the quote.
Is a balloon payment a good idea?
A balloon reduces regular payments and leaves principal due at the end. Refinancing or resale proceeds are uncertain; the per-mile result covers only regular payments, so budget separately for the balloon.
How long can I finance a semi truck?
Commercial truck loans commonly run 36 to 72 months, sometimes longer for new trucks. Shorter terms cost less interest but raise the payment per mile.
This tool gives an estimate for general information only. It is not financial, tax, legal or medical advice — check with a qualified professional before you rely on the result.
Last updated: 2026-10-30