Boat Loan Calculator
Calculate your monthly boat loan payment, total interest, and full cost of ownership. Compare new vs used boat financing and trade-in scenarios. Includes sales tax, registration, insurance, marina fees, and depreciation.
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Total Cost —
Extended More scenarios, charts & detailed breakdown ▾
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Total Interest —
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Professional Full parameters & maximum detail ▾
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Loan Summary
Monthly Loan Payment —
Total Loan Cost (P+I) —
Sales Tax —
Ownership Cost
Annual Ownership Cost —
Total Monthly Cost (Loan + Ownership) —
Annual Depreciation (Straight-Line) —
How to Use This Calculator
- Enter the boat price, down payment, interest rate, and loan term for an instant monthly payment estimate.
- Use the New Boat tab to model a new boat purchase with standard financing.
- Use the Used Boat tab for pre-owned vessels (typically higher rates, shorter terms).
- Use the With Trade-In tab to see how trading your current boat reduces the loan amount.
- Use the Professional tab for a complete ownership cost analysis including taxes, insurance, marina fees, and annual depreciation.
Formula
Monthly Payment = P × r × (1+r)^n / ((1+r)^n − 1)
where P = principal (price − down payment), r = monthly rate, n = term in months
Annual Depreciation = (Price − Residual Value) / Depreciation Years
where P = principal (price − down payment), r = monthly rate, n = term in months
Annual Depreciation = (Price − Residual Value) / Depreciation Years
Example
Example: $35,000 boat, $7,000 down, 7.5% rate, 10 years. Principal = $28,000. Monthly payment ≈ $333. Total interest ≈ $11,960. Total cost ≈ $46,960.
Frequently Asked Questions
- Boat loan rates typically range from 6.5% to 10%+ depending on the loan amount, term, credit score, and whether the boat is new or used. New boats with larger loan amounts (over $25,000) tend to get lower rates. Used boats and shorter-term loans may carry higher rates.
- Boat loan terms range from 2 to 20 years. Loans under $25,000 are typically limited to 5–10 years. Larger loans ($50,000+) can qualify for 15–20 year terms. Longer terms reduce monthly payments but significantly increase total interest paid.
- Most lenders require 10–20% down payment on a boat loan. A 20% down payment reduces your monthly payment, lowers the interest paid over the life of the loan, and helps you avoid being underwater if the boat depreciates quickly.
- Beyond the monthly loan payment, budget for insurance ($500–$2,000/year), marina or storage fees ($1,200–$5,000/year), fuel, maintenance (1–2% of boat value annually), registration, and sales tax at purchase. Total annual ownership often adds 15–25% on top of loan payments.
Related Calculators
Sources & References (5) ▾
- CFPB — Secured Loans and Asset Financing — Consumer Financial Protection Bureau
- Federal Reserve — Consumer Credit (G.19) — Federal Reserve
- Truth in Lending Act (Regulation Z) — Consumer Financial Protection Bureau
- FTC — Taking Out a Secured Loan — Federal Trade Commission
- IRS — Personal Interest Deductibility (Topic 505) — Internal Revenue Service