Boat & Marine Loan Calculator
Calculate monthly payments, total borrowing costs, and interest schedules for boats, yachts, and marine vessels.
About Marine Financing
Marine financing covers new and used powerboats, sailboats, and yachts. Because boats are durable assets, loan terms often extend from 10 to 20 years for larger amounts.
Formula
M = P × [ r(1+r)n ] / [ (1+r)n - 1 ]
- P: Net loan balance (Purchase Price - Down Payment)
- r: Monthly interest rate (Annual rate / 12 / 100)
- n: Number of monthly payments (Years × 12)
Worked Example
Purchasing a $55,000 vessel with 20% down ($11,000) financed at 7.2% APR over 12 years (144 months):
- Monthly payment: ~$459.70
- Total interest paid: ~$22,196.80
- Total cost of vessel: ~$77,196.80
Frequently Asked Questions
What is the standard down payment for a marine loan?
Marine lenders usually require down payments between 10% and 20% depending on the loan size and vessel age.
Can boat loan terms extend to 15 or 20 years?
Yes. Loans over $25,000 to $50,000 often qualify for 15- to 20-year repayment terms, keeping monthly payments affordable.
Does marine lending require a marine survey?
Most lenders require a formal professional marine survey on used vessels to verify seaworthiness and market valuation prior to approval.
Can boat loan interest be tax-deductible?
If the vessel has a sleeping berth, galley (kitchen), and head (toilet), it may qualify as a secondary residence for mortgage interest deduction under US tax law. Check with a tax professional.
Calculate in three steps
- 1Enter your valuesUse the fields above and check the units shown beside each input.
- 2Run the calculationSelect Calculate to refresh the result with your latest values.
- 3Review or shareCompare the result, reset the form, print it, or share this page.