Boat Loan Calculator
Estimate the monthly payment and total interest on a boat loan.
This calculator treats a boat loan as a fixed-rate installment loan secured by the vessel, so the payment depends on the amount, the rate and the term. On a $45,000 boat loan at 8% over 15 years the payment is about $430 a month and total interest is about $32,408. Enter your numbers to see the payment and full cost.
This calculator is for general education. It is not financial advice, not tax advice and not a loan offer. It assumes a fixed rate, equal monthly payments and interest charged at the annual rate divided by 12, and it leaves out fees, insurance, taxes and any prepayment rules in your loan. Your lender's disclosures and a tax professional are the final word.
Estimated monthly payment
$430.04
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $1,619 | $3,542 | $43,381 |
| 2 | $1,753 | $3,407 | $41,628 |
| 3 | $1,899 | $3,262 | $39,729 |
| 4 | $2,057 | $3,104 | $37,672 |
| 5 | $2,227 | $2,933 | $35,445 |
| 6 | $2,412 | $2,748 | $33,033 |
| 7 | $2,612 | $2,548 | $30,420 |
| 8 | $2,829 | $2,331 | $27,591 |
| 9 | $3,064 | $2,097 | $24,527 |
| 10 | $3,318 | $1,842 | $21,209 |
| 11 | $3,594 | $1,567 | $17,615 |
| 12 | $3,892 | $1,269 | $13,723 |
| 13 | $4,215 | $946 | $9,508 |
| 14 | $4,565 | $596 | $4,944 |
| 15 | $4,944 | $217 | $0 |
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About the Boat Loan Calculator
The loan is secured by the vessel itself. Your offer sets the rate, term and down payment, and the term has a large effect on total interest. On the $45,000 example at 8%, a 10-year loan has a payment of about $546 a month and total interest of about $20,517, roughly $11,891 less than over 15 years, in exchange for the higher payment. For a used boat, a lender may ask for a marine survey, an independent inspection of the hull, engine and systems, before it funds the loan. Under federal tax rules, a boat with sleeping, cooking and toilet facilities can count as a home, and interest on a loan secured by that home may be deductible as mortgage interest if other conditions are met. This calculator assumes a fixed rate and equal monthly payments, and it leaves out fees, which the APR on a lender's disclosure includes.
Frequently asked questions
How long can you finance a boat?+
It depends on the lender, the loan size and the boat. A longer term lowers the monthly payment but increases total interest: on $45,000 at 8%, 15 years costs about $32,408 in interest against about $20,517 over 10 years.
What credit score do you need for a boat loan?+
Lenders set their own standards and pricing. The rate on your offer is the figure to enter here.
Is boat loan interest tax deductible?+
It can be. Federal tax rules can treat a boat with sleeping, cooking and toilet facilities, such as a berth, a galley and a head, as a home. Interest on a loan secured by that home may then be deductible as mortgage interest, if the other conditions are met. A tax professional can confirm how the rules apply to you.
Do I need a survey to get a boat loan?+
Some lenders require a marine survey for a used boat, an independent inspection of the hull, engine and systems, because it can help confirm the boat's value. Your lender will say whether one is needed.
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