Boat Loan Calculator
Estimate monthly payments and total interest on a boat loan.
About the Boat Loan Calculator
Enter the loan amount, interest rate and term. The calculator gives the monthly payment, the total interest and the full schedule.
Boat loans are secured by the boat and often run longer than car loans: 10–20 years for larger amounts. Lenders usually want 10–20% down. Budget for insurance, mooring, storage and upkeep, often about 10% of the boat's value a year.
The formula
Payment = P × i ÷ (1 − (1 + i)⁻ⁿ)
- P
- amount borrowed
- i
- monthly rate: yearly rate ÷ 12
- n
- number of monthly payments
Worked example
40,000 at 8.5% over 15 years
- 180 payments of 393.90
- Total interest: 30,901
- Total repaid: 70,901
Things to keep in mind
- Insurance, mooring, storage and maintenance are extra, often around 10% of the boat's value a year.
Questions people ask
Is boat loan interest deductible?
In the US, possibly, if the boat has sleeping, cooking and toilet facilities and qualifies as a second home.
How long can a boat loan be?
Up to 20 years for larger loans; smaller loans are often 5–10 years.