Boat Loan Calculator

Estimate your monthly payments with this boat loan calculator. Simply enter the loan amount, interest rate, and loan term to see your estimated monthly payments.

Your estimated monthly payment
Total principal paid
Total interest paid
Total loan payment

How does this calculator work?

Our boat loan calculator helps you understand how much you can afford to pay each month, which can help you determine what size and type of boat you can afford. By playing around with the loan amount, interest rate, and loan terms, you can see how your monthly payments change.

Loan amount

The loan amount is the amount of money that you plan to borrow. This is also known as the principal. If you are planning to pay a down payment, you can subtract that from the loan amount.

The more you borrow, the more you will pay in interest payments.

Interest rate

The interest rate is the annual percentage that a lender charges for lending you money. Higher interest rates mean you will more in interest payments, and lower interest rates mean you will pay less.

Loan terms in years

The loan terms in years is the length of the loan. Is this a 20 year loan? Or is it a 10 year loan?

Longer terms reduce your monthly payments but increase the total amount of interest you will end up paying.

Monthly payments

This is what you can expect to pay each month based on your loan amount, interest rate, and loan term.

Total payment

The total payment is the total amount of money you will pay towards this loan, which includes the original loan amount and all of the interest payments.

Total interest payment

This is the total amount of interest you will pay over the life of your boat loan.

What is a boat loan?

Boat loans are similar to car loans. You generally pay interest on the loan over a fixed length of time. Boat financing can be available from credit unions, banks, financial service companies, and more.

How much you pay depends on the lender, type of loan, loan terms, your credit score, and down payment.


What is the average interest rate for a boat loan?

As of April 2021, interest rates for boat loans range from 4.3% to 9.4% based on the loan amount and the length of the loan.

Loan amountInterest rates
$10,000 - $14,9998.89 - 9.99%
$15,000 - $24,9998.39 - 8.99%
$25,000 - $49,9995.29 - 6.39%
$50,000 - $74,9994.29 - 5.19%
$75,000 - $99,9994.29 - 5.19%
$100,000 - $149,9994.29 - 5.19%
$150,000 - $249,9994.29 - 5.19%
$250,000 - $350,0004.29 - 5.19%
$350,001 - $499,9994.29 - 5.19%
$500,000 - $1,999,9994.29 - 5.19%

How many years can you get a boat loan for?

Loan terms can be between 2 years and 20 years. Typical boat loans are last 10 to 20 years.

What are typical boat loan terms?

Typical boat loan terms, according to the National Marine Lenders Association are as follows.

Loan amountLoan term in years
$5,000 - $9,9997
$10,000 - $14,99910
$15,000 - $24,99912
$25,000 - $74,99915

What down payment should I make on a boat loan?

Lenders generally want to see between 10% to 20% down payment on a boat loan. This also depends on the cost of the boat.



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