Lenders typically want 10–20% down on a boat. Long terms keep payments low but you will pay far more interest – and boats depreciate, so you could owe more than it’s worth. Budget for insurance, storage, fuel and maintenance (often 10% of the price per year).
How to use the Boat Loan Calculator
- Boat price
- Down payment
- Trade-in value
- Sales tax
- Interest rate
- Loan term
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the boat price, down payment, trade-in, sales tax, interest rate and loan term.
Tips
- Use your real spending from bank statements rather than guesses.
- Automate savings so they happen before you spend.
- Revisit your plan once a year or after any big life change.
- Keep an emergency fund before investing for long-term goals.
Common mistakes to avoid
- Underestimating irregular expenses such as car repairs, gifts and annual bills.
- Ignoring inflation for long-term goals.
- Taking on high-interest debt to fund wants.
Inputs explained
| Field | What to enter |
|---|---|
| Boat price | Amount in your currency |
| Down payment | Amount in your currency |
| Trade-in value | Amount in your currency |
| Sales tax | In % |
| Interest rate | In % |
| Loan term | Units: years, months |
What each result means
- Loan amount = [Boat price]×(1 + [Sales tax]÷100) – [Down payment] – [Trade-in value]
- Monthly payment = pmt([Interest rate]÷1200, [Loan term], [Loan amount])
- Total interest = [Monthly payment]×[Loan term] – [Loan amount]
- Total cost = [Monthly payment]×[Loan term] + [Down payment] + [Trade-in value]
- Estimated yearly ownership cost (10% of price) = [Boat price]×0.1
Example values
How the main result changes when Boat price changes and everything else stays at the example values above:
| Boat price | Monthly payment |
|---|---|
| 30,000 | 208.33 |
| 45,000 | 360.28 |
| 60,000 | 512.23 |
| 75,000 | 664.18 |
| 90,000 | 816.13 |
| 120,000 | 1,120.02 |
Formula
Loan = price + tax − down payment − trade-inMonthly payment = loan × i ÷ (1 − (1 + i)^−n)Worked example
Inputs — Boat price: $60,000; Down payment: $10,000; Trade-in value: $0; Sales tax: 6 %; Interest rate: 8 %; Loan term: 15 years.
Results — Loan amount = $53,600.00; Monthly payment = $512.23; Total interest = $38,601.31; Total cost = $102,201.31; Estimated yearly ownership cost (10% of price) = $6,000.00.
Frequently asked questions
How long are boat loans?
Commonly 10–20 years for larger boats.
What credit score do I need for a boat loan?
Usually 680+ for the best rates.
Is boat loan interest tax-deductible?
If the boat has sleeping, cooking and toilet facilities, it may qualify as a second home.
What formula does the Boat Loan Calculator use?
Loan = price + tax − down payment − trade-in.