This boat loan calculator estimates the monthly payment & total interest you will pay on your boat loan OR can calculate the amount you can afford to borrow. There is in depth information on how this calculation works below the form.

Desired loan amount:*
Interest rate:*
Loan term:*
Desired monthly payment:*
Interest rate:*
Loan term:*

How does this boat loan calculator work?

This is a comprehensive and flexible financial tool that can determine either your monthly boat loan payment (see first tab) or the total amount you are eligible to take or qualify for by considering a desired level of monthly payment (see second tab).

  • Within “Find monthly payment” tab you are asked to input a desired loan amount, interest rate and loan term.

In this case the algorithm of the boat loan calculator applies the following equations:

- Monthly payment = (r*L)/(1-〖(1+r)〗^(-N) )

- Total paid = Monthly payment * Loan term * 12

- Total interest paid = Total paid – Desired loan amount.


r = Interest rate/1200

L = Desired loan amount

-N = -12*Loan term

  • By choosing “Find loan amount” you have to specify a specific monthly payment, interest rate and loan term you prefer.

The loan formulas and the results displayed here are:

-  Loan amount you qualify to borrow = D/(r/(1-〖(1+r)〗^(-N) ))

- Total paid = Desired monthly payment * Loan term * 12

- Total interest paid = Total paid – Loan amount to borrow.


r = Interest rate/1200

D = Desired monthly payment

-N = -12*Loan term

The terms of a boat loan contract

The boat loan is a type of financing agreement between two parties (borrower and lender) meant to finance the borrower to purchase a boat. Here are few terms everyone looking for such a loan type should analyze:

  • The amount financed varies on the borrower’s credit profile and on the lender’s policies.
  • The term to take the loan usually varies between un between 10 years (120 months) and 20 years (240 months).
  • The yearly interest rate on this financial product varies from one lender to another and also depends on the loan term and the amount taken. Just to have an image it usually varies between 3.5 and 5%.

Example of two calculations

Scenario 1: Let’s assume that someone wants to borrow $100,000 over 10 years at a fixed interest rate of 4.5%, will result in these values:

Monthly payment = $1,036.38

Total paid = $124,366.09

Total interest paid = $24,366.09

Scenario 2: Let's take the example of an individual that is able to pay $1,000 per month for a loan (principal + interest included), over the next 15 years at an hypotetic fixed interest rate of 5%. Which is the amount he can actually borrow?

Loan amount he qualifies to borrow = $126,455.24

Desired monthly payment = $1,000.00

Total paid = $180,000.00

Total interest paid = $53,544.76

16 Feb, 2015