Tools
Boat loan calculator
Fixed-rate amortized loan. An estimate, not a quote: ask your lender for the exact terms.
Monthly payment
$463.51
| Total interest | $33,431.80 |
| Total paid | $83,431.80 |
Amortization by year
| Year | Interest | Principal | Balance |
|---|---|---|---|
| Year 1 | $3,686.40 | $1,875.72 | $48,124.28 |
| Year 2 | $3,540.79 | $2,021.33 | $46,102.95 |
| Year 3 | $3,383.84 | $2,178.28 | $43,924.67 |
| Year 4 | $3,214.74 | $2,347.38 | $41,577.29 |
| Year 5 | $3,032.52 | $2,529.60 | $39,047.69 |
| Year 6 | $2,836.14 | $2,725.98 | $36,321.71 |
| Year 7 | $2,624.51 | $2,937.61 | $33,384.10 |
| Year 8 | $2,396.46 | $3,165.66 | $30,218.44 |
| Year 9 | $2,150.68 | $3,411.44 | $26,807 |
| Year 10 | $1,885.85 | $3,676.27 | $23,130.73 |
| Year 11 | $1,600.46 | $3,961.66 | $19,169.07 |
| Year 12 | $1,292.89 | $4,269.23 | $14,899.84 |
| Year 13 | $961.47 | $4,600.65 | $10,299.19 |
| Year 14 | $604.34 | $4,957.78 | $5,341.41 |
| Year 15 | $219.43 | $5,341.41 | $0 |
How the payment is calculated
The monthly payment of a fixed-rate loan is P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments. Each payment covers the interest due, and the rest repays the principal.
Frequently asked questions
How is a boat loan payment calculated?
With the standard amortization formula: the payment is constant and each month covers the interest due plus part of the principal.
Does a longer term lower the cost?
It lowers the monthly payment but raises the total interest paid.
Is this a quote?
No. It is an estimate; your lender sets the actual rate, fees and terms.