Boat Loan Calculator
Use our free Boat Loan Calculator to estimate the monthly payment for a fixed-rate loan and create an amortization schedule. The calculator is a simple, self-explanatory, Excel spreadsheet and doesn't contain any macros. It gives you complete flexibility in adding additional payments and calculates how much is saved by avoiding paying so much interest.
Boat Loan Calculatorfor Excel
Calculate the monthly payment and create a payment schedule (i.e. amortization table) for a fixed-interest rate boat loan. The spreadsheet also allows you to input optional extra payments.
Additional Boat Expenses
Before jumping into buying a boat, make sure you consider all of the other expenses associated with owning and operating a boat - not just the monthly payment on your loan! Do a search on Google for "How to Buy a Boat" and read all the articles you can find. One recommendation I have seen for determining the maximum monthly boat loan payment is to make the payment less than 60% of your total monthly boat budget.
Below is a short list of some of the expenses and costs you might want to consider when figuring out what you can afford:
- Maintenance and Repair
- Boat equipment (first aid, safety, etc.)
- Sporting equipment (skiis, boards, nets, etc.)
- Dockage costs
- Registration and licensing fees
- Transportation costs (to and from the water)
- Fuel and Oil
- Food and Beverages
- Other Recreational Fees
More Loan Calculators
- Auto Loan Calculator
- Balloon Payment Loan Calculator
- Home Equity Loan Calculator
- Amortization Calculation Formula
- Amortization Formulas in Excel
- Amortization Calculator (web-based)
Boat Loan Resources
- NMBA National Marine Bankers Association : A great place to find information about buying a boat. For example, is the interest you pay on a boat loan tax deductible? Where should you get a boat loan?
- Boat Guide : A guide to budgeting for your boat purchase and expenses.
- Buying a Boat : Explains some of the costs of buying and owning a boat.
- NASBLA : Information about boating laws.
- AVDA : Links to vessel Documentation services in your state.