Boat Loan Calculator
Estimate the monthly payment and total interest on a boat loan.
A boat loan is a fixed-rate installment loan secured by the vessel, and the payment depends on the amount, the rate, and the term. On a $45,000 boat loan at 7.75% over 15 years the payment is about $423 a month, with roughly $31,100 in total interest. Enter your numbers to see the payment and full cost.
These results are estimates for informational purposes only and are not financial, tax, or legal advice. Your actual figures from a lender or the IRS may differ. Consult a qualified professional before making decisions.
Estimated monthly payment
$423.57
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $1,653 | $3,430 | $43,347 |
| 2 | $1,786 | $3,297 | $41,561 |
| 3 | $1,930 | $3,153 | $39,631 |
| 4 | $2,084 | $2,998 | $37,547 |
| 5 | $2,252 | $2,831 | $35,295 |
| 6 | $2,433 | $2,650 | $32,862 |
| 7 | $2,628 | $2,455 | $30,234 |
| 8 | $2,839 | $2,244 | $27,395 |
| 9 | $3,067 | $2,016 | $24,327 |
| 10 | $3,314 | $1,769 | $21,014 |
| 11 | $3,580 | $1,503 | $17,434 |
| 12 | $3,867 | $1,216 | $13,567 |
| 13 | $4,178 | $905 | $9,389 |
| 14 | $4,513 | $570 | $4,876 |
| 15 | $4,876 | $207 | $0 |
About the Boat Loan Calculator
A boat loan is secured by the vessel itself, which keeps rates below an unsecured personal loan but well above a mortgage, because a boat is a depreciating asset a lender can be slow to resell. The amount you borrow drives the term: small loans often run 5 to 7 years, while loans above roughly $25,000 can stretch to 15 or even 20, which lowers the monthly payment but sharply raises the interest you pay over the life of the loan. Lenders usually want 10% to 20% down, and for a used boat they often require a marine survey — an independent inspection of hull and engine — before they will fund. One detail worth knowing: if the boat has a berth, a galley, and a head, the IRS may let it qualify as a second home, making the loan interest deductible in the same way as a mortgage. This calculator assumes a fixed rate and equal monthly payments; compare offers by APR rather than the headline rate, since marine lenders sometimes fold documentation and processing fees into the cost.
Frequently asked questions
How long can you finance a boat?+
Terms depend on the loan size. Smaller loans typically run 5 to 7 years, while larger loans above about $25,000 can stretch to 15 or 20 years. A longer term lowers the monthly payment but increases total interest substantially.
What credit score do you need for a boat loan?+
The best rates usually go to scores above 700. Lenders will often approve scores in the mid-600s, but the rate climbs and they may require a larger down payment or a shorter term.
Is boat loan interest tax deductible?+
It can be. If the boat has sleeping, cooking, and toilet facilities — a berth, a galley, and a head — it may qualify as a second home, which can make the loan interest deductible. Confirm current rules with a tax professional.
Do I need a survey to get a boat loan?+
For a used boat, most lenders require a marine survey — an independent inspection of the hull, engine, and systems — before they will fund the loan, since it confirms the value of the collateral.