Boat Loan Calculator Estimate your monthly boat loan payment, total interest, and amortization schedule — including taxes...
Boat Loan Calculator
Estimate your monthly boat loan payment, total interest, and amortization schedule — including taxes, trade-in, and insurance.
Illustration: Early payments go mostly to interest. Over time, more goes to principal.
| Month | Payment | Principal | Interest | Balance |
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Boat loans are secured installment loans, typically with terms from 1 to 15+ years. Unlike auto loans, they often have:
- Longer terms — Up to 20 years for high-value yachts ($100K+)
- Higher interest rates — Typically 1–3% above auto loans due to higher risk (depreciation, storage, usage variability)
- Marine survey requirements — Lenders often require a professional appraisal for boats over $25K
- Collateral-based approval — Your credit matters, but the boat’s value and condition matter more
Loans can be obtained from banks, credit unions, marine dealers, or specialized marine lenders (e.g., LightStream, US Bank, SunTrust).
Boats depreciate quickly — often 10–20% in the first year. A larger down payment helps avoid being “upside down” (owing more than the boat is worth).
- 20% minimum recommended for new boats
- 30%+ advised for used boats (due to faster depreciation)
- Some lenders require 10–15% minimum to qualify
- Zero-down loans exist but come with higher rates and PMI-like fees
Tip: Factor in “soft costs” — sales tax (5–10%), registration, title, and broker fees (2–5%) — when budgeting your down payment.
Your loan payment is just the start. Plan for annual costs equal to **10–15% of the boat’s purchase price**:
- Insurance: 1–2% of boat value/year (liability + physical damage)
- Maintenance: $1,000–$5,000/year (engine service, haul-outs, antifouling)
- Storage: $200–$1,000/month (dry stack, marina slip, winter storage)
- Fuel: $50–$300/weekend (varies by engine size & usage)
- Registration & Taxes: Varies by state; some charge personal property tax annually
Example: A $50K boat may cost $6,000–$7,500/year to own — more than the loan payment!
- Enter the Boat Price (including options, delivery, prep).
- Choose Down Payment as % or $.
- Add Trade-In Value if applicable.
- Set your state’s Sales Tax rate (e.g., FL = 6%, CA = 7.25–10.25%).
- Select Loan Term — shorter = less interest, longer = lower payment.
- Enter your estimated Interest Rate (check marine lender sites for current offers).
- Include Insurance & Registration for realistic monthly cost.
Click “Calculate Boat Loan” to see your payment breakdown, total interest, and amortization schedule.
Note: This calculator assumes fixed-rate, simple interest loans. It does not include prepayment penalties or balloon payments.