Boat Loan Calculator Calculator

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Calculating Boat Loan Payment Schedules

Want to check an RV dealer's math? Try out our handy calculator!

Monthly Payment: $ 397.42

Total Payments: $ 47,690.15
Total Interest: $ 12,690.15

Month Balance Payment Interest Principal
1 $ 35,000 $ 397.42 $ 189.58 $ 207.83
2 $ 34,792 $ 397.42 $ 188.46 $ 208.96
3 $ 34,583 $ 397.42 $ 187.33 $ 210.09
4 $ 34,373 $ 397.42 $ 186.19 $ 211.23
5 $ 34,162 $ 397.42 $ 185.04 $ 212.37
6 $ 33,950 $ 397.42 $ 183.89 $ 213.52
7 $ 33,736 $ 397.42 $ 182.74 $ 214.68
8 $ 33,521 $ 397.42 $ 181.57 $ 215.84
9 $ 33,305 $ 397.42 $ 180.40 $ 217.01
10 $ 33,088 $ 397.42 $ 179.23 $ 218.19
11 $ 32,870 $ 397.42 $ 178.05 $ 219.37
12 $ 32,651 $ 397.42 $ 176.86 $ 220.56
13 $ 32,430 $ 397.42 $ 175.66 $ 221.75
14 $ 32,209 $ 397.42 $ 174.46 $ 222.95
15 $ 31,986 $ 397.42 $ 173.26 $ 224.16
16 $ 31,761 $ 397.42 $ 172.04 $ 225.38
17 $ 31,536 $ 397.42 $ 170.82 $ 226.60
18 $ 31,309 $ 397.42 $ 169.59 $ 227.82
19 $ 31,082 $ 397.42 $ 168.36 $ 229.06
20 $ 30,853 $ 397.42 $ 167.12 $ 230.30
21 $ 30,622 $ 397.42 $ 165.87 $ 231.55
22 $ 30,391 $ 397.42 $ 164.62 $ 232.80
23 $ 30,158 $ 397.42 $ 163.36 $ 234.06
24 $ 29,924 $ 397.42 $ 162.09 $ 235.33
25 $ 29,689 $ 397.42 $ 160.81 $ 236.60
26 $ 29,452 $ 397.42 $ 159.53 $ 237.89
27 $ 29,214 $ 397.42 $ 158.24 $ 239.18
28 $ 28,975 $ 397.42 $ 156.95 $ 240.47
29 $ 28,734 $ 397.42 $ 155.64 $ 241.77
30 $ 28,493 $ 397.42 $ 154.34 $ 243.08
31 $ 28,250 $ 397.42 $ 153.02 $ 244.40
32 $ 28,005 $ 397.42 $ 151.69 $ 245.72
33 $ 27,759 $ 397.42 $ 150.36 $ 247.05
34 $ 27,512 $ 397.42 $ 149.03 $ 248.39
35 $ 27,264 $ 397.42 $ 147.68 $ 249.74
36 $ 27,014 $ 397.42 $ 146.33 $ 251.09
37 $ 26,763 $ 397.42 $ 144.97 $ 252.45
38 $ 26,511 $ 397.42 $ 143.60 $ 253.82
39 $ 26,257 $ 397.42 $ 142.22 $ 255.19
40 $ 26,002 $ 397.42 $ 140.84 $ 256.58
41 $ 25,745 $ 397.42 $ 139.45 $ 257.97
42 $ 25,487 $ 397.42 $ 138.06 $ 259.36
43 $ 25,228 $ 397.42 $ 136.65 $ 260.77
44 $ 24,967 $ 397.42 $ 135.24 $ 262.18
45 $ 24,705 $ 397.42 $ 133.82 $ 263.60
46 $ 24,441 $ 397.42 $ 132.39 $ 265.03
47 $ 24,176 $ 397.42 $ 130.95 $ 266.46
48 $ 23,910 $ 397.42 $ 129.51 $ 267.91
49 $ 23,642 $ 397.42 $ 128.06 $ 269.36
50 $ 23,372 $ 397.42 $ 126.60 $ 270.82
51 $ 23,102 $ 397.42 $ 125.13 $ 272.28
52 $ 22,829 $ 397.42 $ 123.66 $ 273.76
53 $ 22,556 $ 397.42 $ 122.18 $ 275.24
54 $ 22,280 $ 397.42 $ 120.69 $ 276.73
55 $ 22,004 $ 397.42 $ 119.19 $ 278.23
56 $ 21,725 $ 397.42 $ 117.68 $ 279.74
57 $ 21,446 $ 397.42 $ 116.16 $ 281.25
58 $ 21,164 $ 397.42 $ 114.64 $ 282.78
59 $ 20,882 $ 397.42 $ 113.11 $ 284.31
60 $ 20,597 $ 397.42 $ 111.57 $ 285.85
61 $ 20,312 $ 397.42 $ 110.02 $ 287.40
62 $ 20,024 $ 397.42 $ 108.46 $ 288.95
63 $ 19,735 $ 397.42 $ 106.90 $ 290.52
64 $ 19,445 $ 397.42 $ 105.33 $ 292.09
65 $ 19,153 $ 397.42 $ 103.74 $ 293.67
66 $ 18,859 $ 397.42 $ 102.15 $ 295.27
67 $ 18,564 $ 397.42 $ 100.55 $ 296.87
68 $ 18,267 $ 397.42 $ 98.94 $ 298.47
69 $ 17,968 $ 397.42 $ 97.33 $ 300.09
70 $ 17,668 $ 397.42 $ 95.70 $ 301.72
71 $ 17,366 $ 397.42 $ 94.07 $ 303.35
72 $ 17,063 $ 397.42 $ 92.43 $ 304.99
73 $ 16,758 $ 397.42 $ 90.77 $ 306.64
74 $ 16,451 $ 397.42 $ 89.11 $ 308.31
75 $ 16,143 $ 397.42 $ 87.44 $ 309.98
76 $ 15,833 $ 397.42 $ 85.76 $ 311.65
77 $ 15,522 $ 397.42 $ 84.07 $ 313.34
78 $ 15,208 $ 397.42 $ 82.38 $ 315.04
79 $ 14,893 $ 397.42 $ 80.67 $ 316.75
80 $ 14,576 $ 397.42 $ 78.96 $ 318.46
81 $ 14,258 $ 397.42 $ 77.23 $ 320.19
82 $ 13,938 $ 397.42 $ 75.50 $ 321.92
83 $ 13,616 $ 397.42 $ 73.75 $ 323.67
84 $ 13,292 $ 397.42 $ 72.00 $ 325.42
85 $ 12,967 $ 397.42 $ 70.24 $ 327.18
86 $ 12,640 $ 397.42 $ 68.46 $ 328.95
87 $ 12,311 $ 397.42 $ 66.68 $ 330.74
88 $ 11,980 $ 397.42 $ 64.89 $ 332.53
89 $ 11,647 $ 397.42 $ 63.09 $ 334.33
90 $ 11,313 $ 397.42 $ 61.28 $ 336.14
91 $ 10,977 $ 397.42 $ 59.46 $ 337.96
92 $ 10,639 $ 397.42 $ 57.63 $ 339.79
93 $ 10,299 $ 397.42 $ 55.79 $ 341.63
94 $ 9,958 $ 397.42 $ 53.94 $ 343.48
95 $ 9,614 $ 397.42 $ 52.08 $ 345.34
96 $ 9,269 $ 397.42 $ 50.21 $ 347.21
97 $ 8,921 $ 397.42 $ 48.32 $ 349.09
98 $ 8,572 $ 397.42 $ 46.43 $ 350.98
99 $ 8,221 $ 397.42 $ 44.53 $ 352.89
100 $ 7,869 $ 397.42 $ 42.62 $ 354.80
101 $ 7,514 $ 397.42 $ 40.70 $ 356.72
102 $ 7,157 $ 397.42 $ 38.77 $ 358.65
103 $ 6,798 $ 397.42 $ 36.82 $ 360.59
104 $ 6,438 $ 397.42 $ 34.87 $ 362.55
105 $ 6,075 $ 397.42 $ 32.91 $ 364.51
106 $ 5,711 $ 397.42 $ 30.93 $ 366.49
107 $ 5,344 $ 397.42 $ 28.95 $ 368.47
108 $ 4,976 $ 397.42 $ 26.95 $ 370.47
109 $ 4,605 $ 397.42 $ 24.95 $ 372.47
110 $ 4,233 $ 397.42 $ 22.93 $ 374.49
111 $ 3,858 $ 397.42 $ 20.90 $ 376.52
112 $ 3,482 $ 397.42 $ 18.86 $ 378.56
113 $ 3,103 $ 397.42 $ 16.81 $ 380.61
114 $ 2,723 $ 397.42 $ 14.75 $ 382.67
115 $ 2,340 $ 397.42 $ 12.67 $ 384.74
116 $ 1,955 $ 397.42 $ 10.59 $ 386.83
117 $ 1,568 $ 397.42 $ 8.50 $ 388.92
118 $ 1,179 $ 397.42 $ 6.39 $ 391.03
119 $ 788 $ 397.42 $ 4.27 $ 393.15
120 $ 395 $ 397.42 $ 2.14 $ 395.28

Important: Your specific loan may have additional rounding and fine print in the terms. Read your loan document carefully and if the payments don't make sense, ask them to show you the math. If it still doesn't make sense, walk away from the deal...

Tool Overview: Boat Loan Calculator

This boat loan calculator computes the monthly payment required to finance a private boat. The mechanics of the calculator are straightforward: while boat loans are valued based on different standards than other loans, business of borrowing money remains the same. Very similar to our car payment calculator, we take

and generate an expected monthly payment amount. We extend this into an amortization table that describes how the loan will be paid down, by period, including the portion going to interest vs. principal.

How are Boat Loans Priced?

Within the same purchase, lenders compete for your business along three dimensions:

Speaking as a former banker, banks look at credit exposure along two dimensions: how well is the amout of the loan covered by your collateral and how long will the loan be outstanding. Factors such as a generous downpayment and highly marketable boat ensure that the lender can get their money back out of the deal in the event the loan defaults. The length of the loan dictates how long they are exposed to a change in your circumstances or a major change in the value of your collateral. Longer is riskier. One of the challenges in lending is strong performing credits inevitably move on (pay down or re-finance at better terms) and your weak risks remain in the portfolio...

Once a bank has settled on the overall amount of the deal, they will price the APR for the loan. This consists of the current risk-free interest rate (the bank's borrowing rate) plus the following:

The first of these reflects differences in repayment expectations. A short duration (5 year) fixed loan should be priced below a longer (20 year) deal, even on low-risk deals, since there is less risk of the bank or an investor going upside down if interest rates rise. You see this on other forms of financing such as housing.

Credit risk will be priced based on past default rates on similar loans. Generally speaking, banks will go lower for customers with strong credit scores, good personal income / balance sheets, and deals on strong collateral with a good down payment. So if you are making a higher than typical down payment, ask about better loan rates.

Finally, the bank needs to run its business (servicing loans) and turn a profit. This accounts for the balance of the APR.

Many banks offer origination incentives or commissions to dealers and loan brokers. While this doesn't directly affect you as the borrower, be aware the potential for conflicts of interest exist. For example, a dealer may steer you to financing sources that pay them a higher incentive (and may not offer you the most competitive rates). Or this may represent some additional room in the negotiation over the price of the boat for the dealers involved.

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