Boat Loan Calculator
Estimate your monthly boat loan payments, total interest, and amortization schedule including taxes.
Loan Details
Taxes & Extra Payments
Unlike cars, boat loans can often have longer terms ranging from 10 to 20 years depending on the loan amount.
Payment Breakdown
Boat Loan Calculator — Estimate Your Monthly Payments
Do you have visions of a luxury cruiser or a fishing skiff for the weekend? You need to take a realistic look at the numbers before you jump in the water. Purchasing a car is not the same as financing a vessel. You’ll typically need a higher credit score, a lower debt-to-income ratio, and a substantial 10% to 20% down payment because lenders consider boats to be discretionary luxury purchases.
The benefit? The terms of repayment are far more accommodating. Financing for a boat, especially one that costs more than $50,000, can extend to 10, 15, or even 20 years, whereas auto loans typically have a seven-year maximum.
To determine your monthly principal and interest, enter your purchase price, down payment, and anticipated interest rate. Recall that marine insurance is never included in this baseline payment. Before signing any documents, you should also budget for unstated ownership expenses like fuel, winterizing, and docking fees.