Boat Loan Calculator
Use this comprehensive boat loan calculator to determine your monthly payment, total loan cost, and view a detailed amortization schedule. Enter your boat price, loan term, interest rate, and other details to see exactly how much your boat will cost to finance.
Monthly Pay: $325.10
Loan Breakdown
Payment Over Time
Amortization Schedule
| Year | Interest | Principal | Ending Balance |
|---|
| Month | Payment | Principal | Interest | Balance |
|---|
Frequently Asked Questions
Boat loan terms typically range from 5 to 20 years, with 10-year terms being the most common. The choice depends on your budget and how long you plan to keep the boat.
- 5-7 years: Higher monthly payments, less total interest
- 10 years: Balanced approach (most common)
- 15-20 years: Lower monthly payments, more total interest
Most lenders require a down payment of 10-20% of the boat's purchase price. Some factors that influence down payment requirements:
- Credit Score: Better credit can qualify for lower down payments
- Boat Age: Newer boats may qualify for lower down payments
- Boat Type: Different vessel types have different requirements
- Lender: Each lender has different policies
The monthly boat loan payment is calculated using the standard amortizing loan formula:
Where:
- M = Monthly payment
- P = Loan principal (amount borrowed)
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of payments (years × 12)
An amortization schedule is a table showing each loan payment broken down into principal and interest portions. It demonstrates how your loan balance decreases over time.
Key insights:
- Early payments include more interest than principal
- Later payments include more principal than interest
- The loan balance decreases with each payment
- Final payment brings balance to exactly zero
Whether to include fees in your loan depends on your financial situation:
Include fees in loan:
- Lowers upfront cash needed
- Spreads cost over loan term
- Results in more total interest paid
Pay fees upfront:
- Reduces total amount financed
- Reduces total interest paid
- Requires more cash at purchase
Several factors influence the interest rate you'll receive:
- Credit Score: Higher scores qualify for better rates
- Loan Term: Longer terms typically have higher rates
- Down Payment: Larger down payments may lower rates
- Boat Age: Newer boats generally have lower rates
- Boat Type: Different vessel types have different rates
- Lender: Banks, credit unions, and dealers vary
- Market Rates: Prime lending rates affect boat loan rates
Most boat loans allow early repayment, though it's important to check your loan terms:
- Benefits: Save on interest, own boat faster
- Watch for: Some loans have prepayment penalties
- Strategy: Pay extra toward principal when possible