Loan Calculator

You can use our loan calculator to determine a loan amount that will fit your budget or to calculate monthly payments for a specified loan amount. 

If you know what your monthly budget amount is to buy a boat, put that in the Monthly Payment window and work backwards to determine the loan amount. Figure in a 10% to 20% down payment to determine how much in total price you can afford. Or, if you know the cost of the boat you want, deduct your down payment and put the balance in the Loan Amount window to determine monthly payment. To determine typical interest rates and terms, call an NMLA member, visit one of their websites, look at financing advertisements in boating magazines, or discuss it with a marine retailer.

 

To calculate a monthly payment:
1. Enter the desired loan amount
2. Enter an interest rate as an annual percentage
(ex: 10, 9.5) without the % sign
3. Enter the term in years (refer to chart)
4. Click the Payment button
To calculate the loan amount:
1. Enter the desired monthly payment
2. Enter the desired term in years (refer to chart)
3. Enter an interest rate as an annual percentage
(ex: 10, 9.5) without the % sign
4. Click the Loan Amount button

Loan Amount
Interest Rate %
Term in Years
Monthly Payment
    
Many NMLA lenders use the following guidelines when setting loan terms:
Loan Amount Term in Years
$5,000 - $9,999 7
$10,000 - $14,999 10
$15,000 - $24,999 12
$25,000 - $74,999 15
$75,000+ 20