Boat Loan Calculator Estimate payments, compare financing, and plan total ownership costs — with real 2025 marine loan ra...

Boat Loan Calculator

Estimate payments, compare financing, and plan total ownership costs — with real 2025 marine loan rates and risk insights.

Standard Loan

Affordability

Trade-In & Equity

Total Cost

Boat Price ($)

Down Payment (%)

Term (Years) 10 Years 12 Years 15 Years 20 Years

Boat Type New Powerboat Used Powerboat Sailboat Pontoon

Rate (%)

Insurance ($/yr)

Monthly Income ($)

Other Debt ($/mo)

Max DTI (%) 36% (Conventional) 43% (FHA/Boat Lender Max) 50% (With Reserves)

Trade-In Value ($)

Outstanding Loan ($)

New Boat Price ($)

Boat Price ($)

Annual Insurance ($)

Annual Maintenance ($)

Dockage/Slip ($/mo)

Fuel ($/mo)

Years

$0

Monthly Payment

$0

Total Interest

$0

Loan Amount

$0

Negative Equity

Payment Breakdown

How Boat Loans Work

Boat Loan Formula** (same as auto, but longer terms):

$$PMT = P \frac{r(1+r)^n}{(1+r)^n - 1}$$

Example** ($50K boat, 15% down, 7.2% APR, 15 yrs):

• Loan = $42,500
• Monthly = **$433**
• Total interest = **$33,440**

✅ Key Differences vs. Auto Loans**:

• Longer terms**: 10–20 yrs (vs. 5–7 for cars)
• Higher rates**: +0.5–2.0% vs. equivalent auto loan
• Collateral risk**: Boats depreciate faster — lenders charge more
• Insurance required**: Most lenders mandate full hull + liability

Boat Loan Red Flags

⚠️ Avoid these marine financing traps:

• “100% Financing”** — usually means $0 down + higher rates (10%+) + mandatory GAP
• Balloon payments** — “$299/mo for 72 mo, then $15K due” → default risk
• Hidden doc fees** — $500–$1,500 dealer “processing” fee (not in APR)
• Wood hull exclusion** — many lenders won’t finance wooden boats

✅ Pro Tips**:

• Get pre-approved at a **credit union or marine lender** (Westlake, LightStream, Bank of the West)
• Require **survey & mechanical inspection** for used boats — lender may require it
• Negotiate insurance *before* purchase — some carriers offer 10% multi-boat discounts

2025 Boat Loan Benchmarks

Boat	Price	Rate	Term	Payment
New Bowrider	$50K	6.8%	15 yr	$433/mo
Used Cruiser	$30K	10.2%	12 yr	$345/mo
Sailboat	$75K	7.0%	20 yr	$492/mo
Pontoon	$25K	9.5%	10 yr	$322/mo

📉 Total 5-Year Ownership (22' bowrider)**:

• Loan payments: $26,000
• Insurance (2.5%): $6,250
• Maintenance (1.5%): $3,750
• Dockage ($150/mo): $9,000
• Fuel ($100/mo): $6,000
• Total: $51,000** ($10,200/yr)

How to Use This Calculator

➡️ Standard Loan

“$50K boat, 15% down, 15 yrs” → payment, interest, insurance.

➡️ Affordability

“$6K income, $800 debt — how much boat can I afford?” (DTI-based)

➡️ Trade-In & Equity

“Owe $15K on $12K boat — how much extra to roll in?”

➡️ Total Cost

See 5-year ownership: loan + insurance + maintenance + dockage.

Note: Uses 2025 avg. marine rates (6.5–14.5%), 1.5–3% insurance, and standard depreciation curves.