Use our free Boat Loan Calculator to estimate monthly payment for a fixed-rate loan and create an amortization schedule. Thus, The calculator is a simple, self-explanatory, Excel spreadsheet and doesn’t contain any macros. So, It gives you complete flexibility in adding additional payments and calculates how much is saved by avoiding paying so much interest.
Calculate monthly payment and create payment schedule (i.e. amortization table) for a fixed-interest rate boat loan. The spreadsheet also allows you to input optional extra payment.
Additional Boat Expenses
Before jumping into buying a boat, make sure you consider all the other expenses associated with owning and operating a boat – not just the monthly payment on your loan. One recommendation I have seen for determining 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 expenses and costs you might want to consider when figuring out what you can afford marine Finance
- Maintenance and Repair
- Boat equipment
- Sporting equipment (skiis, boards, nets, etc.)
- Dockage cost
- Registration and licensing fee
- Transportation costs
- Fuel and Oil
- Food and Beverages
- Other Recreational Fees