Boat Loan Calculator
Estimate boat financing payments over the long terms typical of marine lending.
Inputs
Most marine lenders require 10–20% down.
Marine loans often go up to 15–20 years for larger vessels.
Typically 1.5–2% of boat value per year.
Marina slip or dry storage costs.
Rule of thumb: 1–2% of boat value per year.
Monthly Loan Payment
$354.51
Total Monthly Cost (with upkeep)
$779.51
Loan payment + insurance + storage + maintenance, monthly.
Loan Amount
$36,000
Total Interest Paid
$27,811
Total Ownership Cost
$149,311
Down payment + all loan payments + insurance + storage + maintenance.
Down Payment Percentage
20.0%
Step by step
Loan amount
$45,000.00 − $9,000.00
= $36,000.00
20% down payment.
Monthly payment
PMT($36,000.00, 0.7083%, 180)
= $354.51
Total interest over loan
$63,811.12 − $36,000.00
= $27,811.12
Annual ownership costs (loan + upkeep)
$4,254 + $1,200.00 + $2,400.00 + $1,500.00
= $9,354.07
Total ownership cost over loan term
= $149,311.12
How it works
Marine financing works like any amortising loan, but with longer terms (up to 20 years) and slightly higher rates than car loans — reflecting the resale-value and maintenance risks of watercraft. The real eye-opener for first-time buyers is the ownership cost: insurance, storage and maintenance easily equal or exceed the loan payment itself. This calculator makes the full picture visible before you sign.
Formulas
Monthly payment
Payment = (Price − Down) × monthly_rate / (1 − (1+r)^−n)
- P
- Boat price
- D
- Down payment
- r
- Monthly rate
- n
- Months
Total monthly ownership cost
Monthly ownership = Loan payment + (Insurance + Storage + Maintenance) / 12
Frequently Asked Questions
How long can I finance a boat?
Most lenders offer 10–20 year terms depending on the loan size and boat age. Loans under $25,000 are often capped at 10–12 years. Larger new-boat loans can reach 20 years. Older boats (10+ years) typically receive shorter terms.
What down payment do I need?
Most marine lenders require 10–20% down. Higher down payments reduce the loan amount and improve your rate. Some lenders require higher down payments on older vessels that depreciate faster.
How do I estimate insurance costs?
Marine insurance typically runs 1.5–2% of the boat's agreed value per year for a recreational vessel. Larger, faster or older boats cost more to insure. Get a quote from a marine insurance broker before committing.