Boat Loan Calculator

Estimate a boat loan payment from boat price, down payment, APR, and loan term in months. The calculator returns the monthly payment, amount financed, total interest, total payment, and loan term so you can compare marine financing offers.

How to use this calculator

Enter the boat price, down payment, interest rate, and loan term in months. The amount financed is the boat price minus the down payment. The result is an amortized payment, meaning each payment covers interest plus principal. To compare the same structure with a car purchase, see the auto loan calculator, or use the loan calculator for a general loan view.

Formula

The payment is calculated as:

$payment = principal \times r \times (1 + r)^n \div ((1 + r)^n - 1)$

Here r is the monthly APR and n is the number of monthly payments. If the APR is zero, principal is divided evenly across the term.

Example

For a 50,000 dollar boat with 10,000 dollars down, 6.5 percent APR, and a 60 month term, the financed amount is 40,000 dollars. The estimated payment is about 783 dollars per month, and total interest is about 6,958 dollars.

Costs beyond financing

Boat ownership may also involve storage, marina fees, fuel, maintenance, insurance, winterization, and registration. Use the fuel cost calculator for trip fuel estimates, and check the budget calculator before treating the payment as the full monthly cost.