Boat Loan Calculator

Calculate your monthly payment and total interest paid for a boat loan based on the loan amount, terms, and interest rate.

Result Total Interest Paid $0 Monthly Payment $0

Total Interest Paid Formula

Total interest paid = Monthly payment * Number of payments - Loan amount

$1,200 × 360 − $250,000 = $182,000 Sarah took out a $250,000 mortgage with a monthly payment of $1,200 over a 30‑year term (360 payments). Using this formula, her total interest paid over the life of the loan is $182,000.

Monthly Payment Formula

Monthly payment = ( Loan amount * ( Interest rate / 100 / 12 ) ) / ( 1 - ( 1 + Interest rate / 100 / 12 ) ^ -Number of payments )

( $15,000 × ( 5/100/12 ) ) / ( 1 − (1 + 5/100/12)⁻⁶⁰ ) ≈ $283 John borrowed $15,000 for a car at an annual interest rate of 5% to be paid off over 60 months. According to this formula, his approximate monthly payment is $283.

Typical Boat Loan Terms

Loan Amount: $5,000 – $100,000 (based on boat value, age, and credit history).
Term Length: 3–20 years (longer terms may require newer boats).
Interest Rates: 5.5% – 12% APR (fixed or variable; rate depends on credit score).
Down Payment: 10%–20% minimum (reduces monthly payments and total interest).
Fees: Includes origination (1%–3%), documentation, title, and registration fees.
Credit Requirements: 650+ credit score; maximum 45% debt-to-income ratio.
Collateral: Boat serves as collateral; full insurance coverage required.
Prepayment: No penalties for paying off early (verify with lender).
Loan-to-Value (LTV): Up to 80% of the boat's appraised value (varies by lender).
Taxes/Duties: Sales tax and import duties (if applicable) not included in loan.
Late Payments: Fees apply after 15-day grace period (typically 5% of payment).
Refinancing: Available for existing boat loans (subject to eligibility).
Co-signers: Allowed to strengthen applications with weaker credit profiles.
Inspection: Required for boats over 10 years old or high-value purchases.