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Boat Loan Calculator

Jun 01, 2025

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How to use the boat loan calculator

  1. Enter the following loan information

    • Loan amount is the amount of money borrowed.

    • Interest is the monthly charge for borrowing money, expressed as a percent.

    • Term in years and months is how long you will borrow the money, expressed either in months or years. Once you input a number in one of the fields, it will auto-fill the other one. Keep in mind you will pay less total interest with a shorter term, while your monthly payments will be smaller with a longer term.

  2. Click “Calculate” 

    The calculator will show your monthly payment on the right side.

How to make the most of the boat loan calculator

A boat loan calculator can help you understand a few things:

  • How much it costs to buy a boat
  • What your monthly payments could look like
  • Figuring out the monthly payment and the total cost of a boat loan 

With this calculator, you can estimate the following:

  • How much money you could afford to borrow
  • How much you would have to pay per month on your loan
  • How much you could save by lowering your interest rate
  • How much you could lower your monthly payment by extending your term
  • How much you could save by paying off your boat loan faster
  • Whether a new or used boat loan fits your finances better
  • Whether you can afford a boat loan and other costs associated with boat ownership

Use your results

The answers you get from Bankrate's boat loan calculator can help you:

1. To decide how much you can borrow

Boat loans can range from as little as $1,000 to as much as $100,000 or more. Larger loans do cost more in interest and fees, so it's important to calculate the cost of different amounts and find a loan amount that is large enough to cover the boat you want but small enough to be affordable.

2. To calculate your monthly payment

Extending your boat loan's term spreads the cost over more months, leading to smaller monthly payments. The downside is you'll pay interest for longer. Shortening your term reduces the interest you pay but increases your monthly payment. Experimenting with different terms in the boat loan calculator can help you find the right term for your needs.

3. To lower your interest rate

Interest is the monthly charge you pay to borrow money. Lenders have their own criteria for calculating interest, so some lenders may offer you better rates than others. Entering different interest rates into the calculator will show you what you could save by choosing a lower rate.

4. To lower your monthly payment

If you're struggling with large monthly payments, this calculator can help you see what you would save by extending your loan term. Keep in mind that extending your term increases the interest you will pay and puts you at risk of being upside-down on your loan, or owing more than the boat is worth.

5. To save by paying off your loan faster

Experimenting with different terms will show you how much you could save by increasing your monthly boat loan payments. Paying off your boat loan early results in paying less interest on your loan.

6. To choose between a new or used boat loan

Like car loans, boat loans are secured by the boat itself. That makes it easier to get approved for a new boat loan, possibly even at a lower rate. Most used boat loans come with higher interest because they are unsecured. On the other hand, used boat loans have smaller minimum borrowing amounts, and used boats depreciate more slowly.

Using the calculator above, you can determine whether a new boat loan or an unsecured used boat loan is better for your needs.

7. To determine whether you can afford boat ownership

Your boat loan isn't the only cost to consider. Like with cars, there are many other costs associated with boat ownership, including maintenance, fuel, insurance and storage costs. Once you calculate those costs, you can determine whether you can afford them in addition to your boat loan. If the total cost seems too much, consider renting a boat instead.

What is a good boat loan rate?

Each lender uses its own formula to calculate what it thinks is the best rate for you, so it's important to compare multiple lenders before making a decision. Your boat loan rate is based on factors like your credit score, debt-to-income (DTI) ratio and whether your boat is new or used. It can also be influenced by the type of boat loan lender you use. 

When skimming boat loan rates, the difference may seem small, but the difference between the two rates could add up to hundreds of dollars in savings. The table below shows these differences with three loans that have a principal of $12,000 and a three-year loan term, all with different interest rates.

Interest rate Monthly payment Total interest
4.50% $356.96 $850.67
6.02% $365.17 $1,146.19
8.04% $376.26 $1,545.28

Next steps for your boat loan journey

Bankrate is here to help provide you with the information you need to find the best loan. Depending on what stage you are in your search process, here are some next steps to consider:

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