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Boat Loan Calculator
About the Boat Loan Calculator
Calculate the monthly payment, total interest and payoff schedule for a boat loan, with options for extra payments and upfront fees.
How to use the Boat Loan Calculator
- Enter the Loan Amount ($), Interest Rate (%) and Loan Term (Years).
- Open Show Advanced Options to add an Extra Monthly Payment and Upfront Origination/Doc Fees.
- Press Calculate Amortization.
Formula and method
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), with r the monthly rate and n the number of months. Extra payments reduce the balance and shorten the loan.
Tips
- Boat loans often have longer terms than car loans, so compare the total interest, not just the payment.
- Budget for insurance, mooring, fuel and maintenance as well.
Frequently Asked Questions
Lenders commonly ask for 10 to 20 percent. A bigger down payment lowers the loan and the interest.
Yes. Every extra dollar cuts the balance that interest is charged on, so you pay less overall and finish sooner.