RV/Boat Loan Calculator
RV and boat loan calculator: monthly payment, total interest and total cost from price, down payment, trade-in, sales tax, interest rate and term. How it works
Use the RV/Boat Loan Calculator
About the RV/Boat Loan Calculator
A $50,000 RV or boat with $5,000 down, no trade-in, 7.5% interest and a 15-year term has a monthly payment of $417.16, $30,087.25 in interest and a total cost of $80,087.25. The amount financed is the price minus the down payment and the trade-in, and the payment is the standard level-payment loan formula on that amount.
A $50,000 purchase with $5,000 down at 7.5%, by term
| Term | Monthly payment | Total interest | Total cost | Total cost vs price |
|---|---|---|---|---|
| 5 years | $901.71 | $9,102.42 | $59,102.42 | 1.18 times |
| 10 years | $534.16 | $19,098.87 | $69,098.87 | 1.38 times |
| 15 years | $417.16 | $30,087.25 | $80,087.25 | 1.60 times |
| 20 years | $362.52 | $42,003.10 | $92,003.10 | 1.84 times |
$45,000 financed, with no sales tax entered. Total cost is every loan payment plus the $5,000 down payment. Registration, fees, insurance and storage are not included.
Monthly payment per $10,000 financed
| Interest rate | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|
| 5% | $188.71 | $106.07 | $79.08 | $66.00 |
| 7.5% | $200.38 | $118.70 | $92.70 | $80.56 |
| 9% | $207.58 | $126.68 | $101.43 | $89.97 |
| 10% | $212.47 | $132.15 | $107.46 | $96.50 |
Fixed rate, equal monthly payments. For another amount, scale the payment: $45,000 financed costs 4.5 times as much a month, give or take a few cents of rounding.
Total interest per $10,000 financed
| Interest rate | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|
| 5% | $1,322.74 | $2,727.71 | $4,234.28 | $5,838.19 |
| 7.5% | $2,022.77 | $4,244.27 | $6,686.49 | $9,334.07 |
| 9% | $2,455.05 | $5,200.82 | $8,256.17 | $11,594.58 |
| 10% | $2,748.26 | $5,858.18 | $9,342.97 | $13,161.73 |
Interest over the whole term, with each month’s interest rounded to the cent and the last payment adjusted to clear the balance.
How to use this tool
- Enter the vehicle price, then the down payment and the trade-in value. Use 0 for a trade-in you do not have.
- If you will finance the sales tax, enter its rate. It is charged on the price after the trade-in; 0 leaves it out.
- Enter the interest rate as a percentage a year and the loan term in years.
- Read the monthly payment, total interest and total cost in the result. They change as you type.
- Change the term or the down payment to see what each does to the payment and to the interest.
- Open the yearly amortization schedule for each year’s principal, interest and remaining balance. On the default loan, year 1 pays $1,688.17 of principal and $3,317.75 of interest, and $35,142.80 is still owed after 5 years.
Frequently asked questions
- How do I calculate an RV or boat loan payment?
- Subtract the down payment and the trade-in from the price to get the amount financed, P. Divide the annual rate by 12 to get i, and multiply the years by 12 to get n. The payment is P × i × (1 + i)^n ÷ ((1 + i)^n − 1). For $45,000 at 7.5% over 15 years that is $417.16 a month.
- How much more does a longer boat or RV loan cost?
- On $45,000 at 7.5%, 10 years costs $534.16 a month and $19,098.87 in interest, 15 years costs $417.16 and $30,087.25, and 20 years costs $362.52 and $42,003.10. Going from 15 to 20 years lowers the payment by $54.64 and adds $11,915.85 of interest, and the total cost rises from 1.60 to 1.84 times the price.
- How does a trade-in change the loan?
- It lowers the amount financed, like a down payment. A $10,000 trade-in on a $50,000 purchase with $5,000 down leaves $35,000 to finance, a $324.45 payment and $23,402.44 of interest at 7.5% for 15 years. The tool uses the trade-in value you enter and does not look at any balance still owed on the trade-in.
- What does the total cost include, and how do I add sales tax?
- Every loan payment plus the down payment and the trade-in: for the default loan, $75,087.25 of payments plus $5,000 is $80,087.25. The trade-in is counted because it is value you hand over for the vehicle, just as cash is. Sales tax goes in the optional Sales tax field: it is charged on the price after the trade-in and added to the amount financed. At 7%, a $50,000 purchase with a $10,000 trade-in and $5,000 down has $2,800.00 of tax, $37,800.00 financed, a $350.41 payment at 7.5% for 15 years and a total cost of $78,074.02. Registration and dealer fees are not in the figures; add fees you will finance to the price.
- What if the down payment and trade-in cover the whole price?
- Then no loan is needed. A $30,000 boat with $20,000 down and a $10,000 trade-in shows a monthly payment of $0.00, interest of $0.00 and a total cost of $30,000.00, with a note that no loan is needed.
- What is the payment on a loan with no interest?
- Enter 0 as the rate. The amount financed is divided evenly over the months: $45,000 over 10 years is $375.00 a month with no interest, and the total cost is $50,000.00.
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