How paying extra works
The calculator keeps your normal monthly payment the same and adds your overpayments, so the loan is paid off sooner. It works month by month, charging interest at one twelfth of the annual rate on what you still owe.
Boats tend to lose value over time, so clearing the loan sooner also lowers the risk of owing more than the boat is worth.
Worked example
On £30,000 at 8% with 10 years left, the normal payment is £363.98 a month. Paying £100 a month extra saves £4,296.67 in interest and clears the loan 2 years 11 months sooner.
Paying £200 a month extra instead saves £6,507.76 and 4 years 6 months. A one-off £5,000 lump sum now saves £5,136.50 and 2 years 3 months.
Before you overpay
Keep money aside for mooring, insurance and maintenance, which don't stop when the loan does. Check your agreement for early repayment charges.
Inputs for the boat loan payoff calculator
Boat loan balance
The amount left to repay on your boat loan.
Interest rate (per year)
Your current interest rate.
Time left to repay
How many years are left on the loan.
Extra each month
The amount you'll pay on top of your normal payment each month. Enter 0 for none.
One-off lump sum now
A single overpayment made now. Enter 0 for none.
CALCULATOR QUESTIONS
Boat loan payoff calculator questions
Can I pay off a boat loan early?
Usually, though some lenders charge for it. Check your agreement.
How much would £100 a month extra save?
On £30,000 at 8% with 10 years left, £4,296.67 and 2 years 11 months.
Is a lump sum better than monthly extras?
Money paid in sooner saves more interest. Try both in the calculator.
Will my lender charge me for overpaying?
It depends on your agreement. Check for early repayment or settlement charges before you overpay.