Boat Loan Calculator

Estimate the monthly payment on a new or used boat from its price, not just a loan amount. Sales tax, fees, your down payment and any trade-in are included, and boat loan terms run from 5 to 20 years. Add yearly insurance, storage and upkeep to see what the boat really costs each month.

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Include the motor, trailer and any electronics you are buying with it.
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Assumes tax on the price minus your trade-in. Some states cap or exempt boat sales tax.
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Optional. Adds a monthly cost-of-ownership line; it does not change the loan.
Monthly payment$453.96180 payments (15 years)
Amount financed
$46,100.00
Sales tax
$3,000.00
Total interest
$35,614.48
Total of payments
$81,714.48
Total cost incl. down payment & trade-in
$89,214.48

Boats lose value faster than a 15- or 20-year loan pays down, so you may owe more than the boat is worth for much of the loan.

Amortization schedule
YearPaymentPrincipalInterestBalance
1$5,447.52$1,590.04$3,857.48$44,509.96
2$5,447.52$1,730.56$3,716.96$42,779.40
3$5,447.52$1,883.54$3,563.98$40,895.86
4$5,447.52$2,050.02$3,397.50$38,845.84
5$5,447.52$2,231.22$3,216.30$36,614.62
6$5,447.52$2,428.44$3,019.08$34,186.18
7$5,447.52$2,643.10$2,804.42$31,543.08
8$5,447.52$2,876.71$2,570.81$28,666.37
9$5,447.52$3,130.98$2,316.54$25,535.39
10$5,447.52$3,407.74$2,039.78$22,127.65
11$5,447.52$3,708.96$1,738.56$18,418.69
12$5,447.52$4,036.79$1,410.73$14,381.90
13$5,447.52$4,393.60$1,053.92$9,988.30
14$5,447.52$4,781.97$665.55$5,206.33
15$5,449.20$5,206.33$242.87$0.00

What you finance

Amount financed = price + sales tax + fees − down payment − trade-in value

Monthly payment = amount financed × r ÷ (1 − (1 + r)−n), where r = APR ÷ 12 and n = years × 12

The calculator assumes sales tax on the price minus your trade-in. Some states cap the tax on boats or tax them differently, so check your state's rule.

Example

A $50,000 boat with $7,500 down (15%), 6% sales tax ($3,000) and $600 in fees means financing $46,100. At 8.5% for 15 years the payment is $453.96 a month and you pay $35,614.48 in interest.

The same loan over 10 years costs $571.57 a month but only $22,489.11 in interest. Over 20 years the payment drops to $400.07 and interest climbs to $49,914.58. Add $4,000 a year for insurance, storage and maintenance and the 15-year boat costs about $787.29 a month.

Long terms and depreciation

Boat loans run longer than car loans, often 10 to 20 years for larger amounts, because that keeps the payment low. Boats still lose value, though, so on a 15- or 20-year loan you can owe more than the boat would sell for years in. A bigger down payment or a shorter term protects you if you need to sell.

Frequently asked questions

How long can you finance a boat?

Commonly 5 to 7 years for smaller loans and 10 to 20 years for larger ones. Lenders set the maximum term by loan size, the boat’s age and your credit.

How much down payment do I need for a boat?

Most lenders ask for 10% to 20% down. A larger down payment can get a better rate and lowers the risk of owing more than the boat is worth.

Does the payment include insurance and storage?

The monthly payment covers the loan only. Enter your yearly insurance, slip or storage and maintenance costs to see a separate monthly cost-of-ownership figure.

Are boat loan rates higher than car loan rates?

Often slightly, because boats are discretionary purchases. Compare offers by APR and use the term options to see how much a longer loan adds in interest.

Sources

Last reviewed . How we review and test pages.

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PmtCalc provides estimates for education and planning only. Results are not an offer of credit, a loan approval, or financial, tax or legal advice. Actual terms depend on the lender and your situation. How we calculate and test these results.