Boat Loan Calculator
Work out the monthly payment on a boat loan with down payment, sales tax and fees on 5- to 20-year marine financing terms, then add slip, maintenance, insurance and fuel to see the real monthly cost.
Boat loan calculator
Yearly ownership costs
Boat finance calculator: typical terms
Marine lenders usually want 10% to 20% down and offer longer terms on bigger loans: often up to 10 to 15 years on loans of $25,000 or more and up to 20 years on large boats, with shorter terms on smaller or older boats. $60,000 with $12,000 down, 6% tax and $500 of fees finances $52,100; at 8.25% for 15 years that's $505.44 a month and about $38,900 of interest.
The real cost of owning a boat
A common rule of thumb budgets about 10% of the boat's value a year for maintenance, plus slip or storage, insurance, fuel, winterizing and registration. With the example costs, owning adds about $950 a month to the loan payment.
A boat with sleeping, cooking and toilet facilities can qualify as a second home, so the loan interest may be deductible as mortgage interest if the loan is secured by the boat and you itemize (IRS Publication 936).
Common questions
What is a typical boat loan term?
Often 10 to 15 years for loans over $25,000, up to 20 years for large boats.
What is the payment on a $60,000 boat?
With $12,000 down, tax and fees, about $505 a month at 8.25% for 15 years.
How much down payment for a boat?
Usually 10% to 20%.
Is boat loan interest tax deductible?
Possibly, if the boat has sleeping, cooking and toilet facilities, the loan is secured by it and you itemize.
How much does it cost to own a boat?
Often about 10% of the boat's value a year in maintenance, plus slip, insurance and fuel.
Sources
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General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.