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RV Loan Calculator
RV Loan Calculator to calculate the monthly payment and total costs of financing an RV with a rv amortization schedule. The RV loan amortization schedule will show a RV buyer how much interest and principal they will be paying each month.
RV Loan Calculator Results |
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| Loan Amount: | $150,000.00 | |||||
Total Monthly Payment: |
$1,661.54 |
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| Total # Of Payments: | 120 | |||||
| Start Date: | Oct, 2023 | |||||
| Payoff Date: | Sep, 2033 | |||||
| Down Payment: | $0.00 | |||||
| Trade In Value: | $0.00 | |||||
| Sales Tax: | $0.00 | |||||
| Other Fee: | $0.00 | |||||
| Total Interest Paid: | $49,385.24 | |||||
Total of All Costs: |
$199,385.24 |
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RV Amortization Schedule |
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| Payment Date | Payment # | Interest | Principal | Total Payment | Balance | |
|---|---|---|---|---|---|---|
| Oct, 2023 | 1 | $743.75 | $917.79 | $1,661.54 | $149,082.21 | |
| Nov, 2023 | 2 | $739.20 | $922.34 | $1,661.54 | $148,159.86 | |
| Dec, 2023 | 3 | $734.63 | $926.92 | $1,661.54 | $147,232.94 | |
| Jan, 2024 | 4 | $730.03 | $931.51 | $1,661.54 | $146,301.43 | |
| Feb, 2024 | 5 | $725.41 | $936.13 | $1,661.54 | $145,365.30 | |
| Mar, 2024 | 6 | $720.77 | $940.77 | $1,661.54 | $144,424.52 | |
| Apr, 2024 | 7 | $716.10 | $945.44 | $1,661.54 | $143,479.09 | |
| May, 2024 | 8 | $711.42 | $950.13 | $1,661.54 | $142,528.96 | |
| Jun, 2024 | 9 | $706.71 | $954.84 | $1,661.54 | $141,574.12 | |
| Jul, 2024 | 10 | $701.97 | $959.57 | $1,661.54 | $140,614.55 | |
| Aug, 2024 | 11 | $697.21 | $964.33 | $1,661.54 | $139,650.22 | |
| Sep, 2024 | 12 | $692.43 | $969.11 | $1,661.54 | $138,681.11 | |
| Oct, 2024 | 13 | $687.63 | $973.92 | $1,661.54 | $137,707.19 | |
| Nov, 2024 | 14 | $682.80 | $978.75 | $1,661.54 | $136,728.45 | |
| Dec, 2024 | 15 | $677.95 | $983.60 | $1,661.54 | $135,744.85 | |
| Jan, 2025 | 16 | $673.07 | $988.48 | $1,661.54 | $134,756.37 | |
| Feb, 2025 | 17 | $668.17 | $993.38 | $1,661.54 | $133,763.00 | |
| Mar, 2025 | 18 | $663.24 | $998.30 | $1,661.54 | $132,764.69 | |
| Apr, 2025 | 19 | $658.29 | $1,003.25 | $1,661.54 | $131,761.44 | |
| May, 2025 | 20 | $653.32 | $1,008.23 | $1,661.54 | $130,753.21 | |
| Jun, 2025 | 21 | $648.32 | $1,013.23 | $1,661.54 | $129,739.99 | |
| Jul, 2025 | 22 | $643.29 | $1,018.25 | $1,661.54 | $128,721.74 | |
| Aug, 2025 | 23 | $638.25 | $1,023.30 | $1,661.54 | $127,698.44 | |
| Sep, 2025 | 24 | $633.17 | $1,028.37 | $1,661.54 | $126,670.07 | |
| Oct, 2025 | 25 | $628.07 | $1,033.47 | $1,661.54 | $125,636.60 | |
| Nov, 2025 | 26 | $622.95 | $1,038.60 | $1,661.54 | $124,598.00 | |
| Dec, 2025 | 27 | $617.80 | $1,043.75 | $1,661.54 | $123,554.26 | |
| Jan, 2026 | 28 | $612.62 | $1,048.92 | $1,661.54 | $122,505.34 | |
| Feb, 2026 | 29 | $607.42 | $1,054.12 | $1,661.54 | $121,451.21 | |
| Mar, 2026 | 30 | $602.20 | $1,059.35 | $1,661.54 | $120,391.87 | |
| Apr, 2026 | 31 | $596.94 | $1,064.60 | $1,661.54 | $119,327.27 | |
| May, 2026 | 32 | $591.66 | $1,069.88 | $1,661.54 | $118,257.39 | |
| Jun, 2026 | 33 | $586.36 | $1,075.18 | $1,661.54 | $117,182.20 | |
| Jul, 2026 | 34 | $581.03 | $1,080.52 | $1,661.54 | $116,101.69 | |
| Aug, 2026 | 35 | $575.67 | $1,085.87 | $1,661.54 | $115,015.81 | |
| Sep, 2026 | 36 | $570.29 | $1,091.26 | $1,661.54 | $113,924.56 | |
| Oct, 2026 | 37 | $564.88 | $1,096.67 | $1,661.54 | $112,827.89 | |
| Nov, 2026 | 38 | $559.44 | $1,102.11 | $1,661.54 | $111,725.78 | |
| Dec, 2026 | 39 | $553.97 | $1,107.57 | $1,661.54 | $110,618.21 | |
| Jan, 2027 | 40 | $548.48 | $1,113.06 | $1,661.54 | $109,505.15 | |
| Feb, 2027 | 41 | $542.96 | $1,118.58 | $1,661.54 | $108,386.57 | |
| Mar, 2027 | 42 | $537.42 | $1,124.13 | $1,661.54 | $107,262.44 | |
| Apr, 2027 | 43 | $531.84 | $1,129.70 | $1,661.54 | $106,132.74 | |
| May, 2027 | 44 | $526.24 | $1,135.30 | $1,661.54 | $104,997.44 | |
| Jun, 2027 | 45 | $520.61 | $1,140.93 | $1,661.54 | $103,856.51 | |
| Jul, 2027 | 46 | $514.96 | $1,146.59 | $1,661.54 | $102,709.92 | |
| Aug, 2027 | 47 | $509.27 | $1,152.27 | $1,661.54 | $101,557.65 | |
| Sep, 2027 | 48 | $503.56 | $1,157.99 | $1,661.54 | $100,399.66 | |
| Oct, 2027 | 49 | $497.81 | $1,163.73 | $1,661.54 | $99,235.93 | |
| Nov, 2027 | 50 | $492.04 | $1,169.50 | $1,661.54 | $98,066.43 | |
| Dec, 2027 | 51 | $486.25 | $1,175.30 | $1,661.54 | $96,891.14 | |
| Jan, 2028 | 52 | $480.42 | $1,181.13 | $1,661.54 | $95,710.01 | |
| Feb, 2028 | 53 | $474.56 | $1,186.98 | $1,661.54 | $94,523.03 | |
| Mar, 2028 | 54 | $468.68 | $1,192.87 | $1,661.54 | $93,330.16 | |
| Apr, 2028 | 55 | $462.76 | $1,198.78 | $1,661.54 | $92,131.38 | |
| May, 2028 | 56 | $456.82 | $1,204.73 | $1,661.54 | $90,926.65 | |
| Jun, 2028 | 57 | $450.84 | $1,210.70 | $1,661.54 | $89,715.96 | |
| Jul, 2028 | 58 | $444.84 | $1,216.70 | $1,661.54 | $88,499.25 | |
| Aug, 2028 | 59 | $438.81 | $1,222.73 | $1,661.54 | $87,276.52 | |
| Sep, 2028 | 60 | $432.75 | $1,228.80 | $1,661.54 | $86,047.72 | |
| Oct, 2028 | 61 | $426.65 | $1,234.89 | $1,661.54 | $84,812.83 | |
| Nov, 2028 | 62 | $420.53 | $1,241.01 | $1,661.54 | $83,571.82 | |
| Dec, 2028 | 63 | $414.38 | $1,247.17 | $1,661.54 | $82,324.65 | |
| Jan, 2029 | 64 | $408.19 | $1,253.35 | $1,661.54 | $81,071.30 | |
| Feb, 2029 | 65 | $401.98 | $1,259.57 | $1,661.54 | $79,811.73 | |
| Mar, 2029 | 66 | $395.73 | $1,265.81 | $1,661.54 | $78,545.92 | |
| Apr, 2029 | 67 | $389.46 | $1,272.09 | $1,661.54 | $77,273.84 | |
| May, 2029 | 68 | $383.15 | $1,278.39 | $1,661.54 | $75,995.44 | |
| Jun, 2029 | 69 | $376.81 | $1,284.73 | $1,661.54 | $74,710.71 | |
| Jul, 2029 | 70 | $370.44 | $1,291.10 | $1,661.54 | $73,419.61 | |
| Aug, 2029 | 71 | $364.04 | $1,297.50 | $1,661.54 | $72,122.10 | |
| Sep, 2029 | 72 | $357.61 | $1,303.94 | $1,661.54 | $70,818.16 | |
| Oct, 2029 | 73 | $351.14 | $1,310.40 | $1,661.54 | $69,507.76 | |
| Nov, 2029 | 74 | $344.64 | $1,316.90 | $1,661.54 | $68,190.86 | |
| Dec, 2029 | 75 | $338.11 | $1,323.43 | $1,661.54 | $66,867.43 | |
| Jan, 2030 | 76 | $331.55 | $1,329.99 | $1,661.54 | $65,537.44 | |
| Feb, 2030 | 77 | $324.96 | $1,336.59 | $1,661.54 | $64,200.85 | |
| Mar, 2030 | 78 | $318.33 | $1,343.21 | $1,661.54 | $62,857.63 | |
| Apr, 2030 | 79 | $311.67 | $1,349.87 | $1,661.54 | $61,507.76 | |
| May, 2030 | 80 | $304.98 | $1,356.57 | $1,661.54 | $60,151.19 | |
| Jun, 2030 | 81 | $298.25 | $1,363.29 | $1,661.54 | $58,787.90 | |
| Jul, 2030 | 82 | $291.49 | $1,370.05 | $1,661.54 | $57,417.84 | |
| Aug, 2030 | 83 | $284.70 | $1,376.85 | $1,661.54 | $56,041.00 | |
| Sep, 2030 | 84 | $277.87 | $1,383.67 | $1,661.54 | $54,657.32 | |
| Oct, 2030 | 85 | $271.01 | $1,390.53 | $1,661.54 | $53,266.79 | |
| Nov, 2030 | 86 | $264.11 | $1,397.43 | $1,661.54 | $51,869.36 | |
| Dec, 2030 | 87 | $257.19 | $1,404.36 | $1,661.54 | $50,465.00 | |
| Jan, 2031 | 88 | $250.22 | $1,411.32 | $1,661.54 | $49,053.68 | |
| Feb, 2031 | 89 | $243.22 | $1,418.32 | $1,661.54 | $47,635.36 | |
| Mar, 2031 | 90 | $236.19 | $1,425.35 | $1,661.54 | $46,210.01 | |
| Apr, 2031 | 91 | $229.12 | $1,432.42 | $1,661.54 | $44,777.59 | |
| May, 2031 | 92 | $222.02 | $1,439.52 | $1,661.54 | $43,338.07 | |
| Jun, 2031 | 93 | $214.88 | $1,446.66 | $1,661.54 | $41,891.41 | |
| Jul, 2031 | 94 | $207.71 | $1,453.83 | $1,661.54 | $40,437.58 | |
| Aug, 2031 | 95 | $200.50 | $1,461.04 | $1,661.54 | $38,976.54 | |
| Sep, 2031 | 96 | $193.26 | $1,468.29 | $1,661.54 | $37,508.25 | |
| Oct, 2031 | 97 | $185.98 | $1,475.57 | $1,661.54 | $36,032.69 | |
| Nov, 2031 | 98 | $178.66 | $1,482.88 | $1,661.54 | $34,549.81 | |
| Dec, 2031 | 99 | $171.31 | $1,490.23 | $1,661.54 | $33,059.57 | |
| Jan, 2032 | 100 | $163.92 | $1,497.62 | $1,661.54 | $31,561.95 | |
| Feb, 2032 | 101 | $156.49 | $1,505.05 | $1,661.54 | $30,056.90 | |
| Mar, 2032 | 102 | $149.03 | $1,512.51 | $1,661.54 | $28,544.39 | |
| Apr, 2032 | 103 | $141.53 | $1,520.01 | $1,661.54 | $27,024.38 | |
| May, 2032 | 104 | $134.00 | $1,527.55 | $1,661.54 | $25,496.83 | |
| Jun, 2032 | 105 | $126.42 | $1,535.12 | $1,661.54 | $23,961.71 | |
| Jul, 2032 | 106 | $118.81 | $1,542.73 | $1,661.54 | $22,418.97 | |
| Aug, 2032 | 107 | $111.16 | $1,550.38 | $1,661.54 | $20,868.59 | |
| Sep, 2032 | 108 | $103.47 | $1,558.07 | $1,661.54 | $19,310.52 | |
| Oct, 2032 | 109 | $95.75 | $1,565.80 | $1,661.54 | $17,744.72 | |
| Nov, 2032 | 110 | $87.98 | $1,573.56 | $1,661.54 | $16,171.16 | |
| Dec, 2032 | 111 | $80.18 | $1,581.36 | $1,661.54 | $14,589.80 | |
| Jan, 2033 | 112 | $72.34 | $1,589.20 | $1,661.54 | $13,000.60 | |
| Feb, 2033 | 113 | $64.46 | $1,597.08 | $1,661.54 | $11,403.52 | |
| Mar, 2033 | 114 | $56.54 | $1,605.00 | $1,661.54 | $9,798.52 | |
| Apr, 2033 | 115 | $48.58 | $1,612.96 | $1,661.54 | $8,185.56 | |
| May, 2033 | 116 | $40.59 | $1,620.96 | $1,661.54 | $6,564.60 | |
| Jun, 2033 | 117 | $32.55 | $1,628.99 | $1,661.54 | $4,935.61 | |
| Jul, 2033 | 118 | $24.47 | $1,637.07 | $1,661.54 | $3,298.53 | |
| Aug, 2033 | 119 | $16.36 | $1,645.19 | $1,661.54 | $1,653.35 | |
| Sep, 2033 | 120 | $8.20 | $1,653.35 | $1,661.54 | $0.00 | |
Compare Monthly vs. Bi-weekly |
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| Payment Frequency | Monthly | Bi-weekly | ||||
|---|---|---|---|---|---|---|
| Payments / Year | 12 | 26 | ||||
| Each Payment | $1,661.54 | $830.77 | ||||
| Total Interest | $49,385.24 | $43,736.16 | ||||
| Total Payment | $199,385.24 | $193,736.16 | Total Savings | $0 | $5,649.09 | |
| Payoff Date | Sep, 2033 | Sep, 2032 | ||||
What is an RV loan?
RV loans are loans used to finance the purchase of a recreational vehicle, such as a camper or motorhome. RV loans are similar to auto loans, but with longer repayment periods, the terms could be anywhere from 10 to 15 years. Some lenders are willing to extend the term to 20 years for larger loans and qualified borrowers. Since the size of RV loans are larger than an auto loan, the approval process is often more complex and harder to get approved than car loans.
How does RV financing work?
Like auto loans, RV loans are usually secured loans that require collateral which is the vehicle itself. When borrowers fail to make payments or default on their RV loans, the lenders have the right to take away their RV. RV loans are installment loans, where lenders will give the borrower a lump sum to help him buy the RV, and the borrower will pay back the lender in fixed monthly payments. The monthly payment consists of the principal and interest payments.
Secured RV loans vs. unsecured RV loans
Some lenders may offer unsecured RV loans where no collateral is required. That means if the borrower defaults on the loan, he can still keep the RV. However, there are consequences of defaulting, such as getting sued by the lender, the impact on credit scores, and dealing with debt collectors. Lenders will send the loan to the collection when the borrower stops payment or they can choose to take the borrower to court. Since unsecured RV loans incur additional risks to lenders, they usually charge a much higher interest rate and a strict loan approval process to justify their risks.
Are RV loans expensive?
Depending on the interest rate, loan amount, and terms, an RV loan could be expensive, especially for borrowers with a lower credit score. Let's take a look at an example of how much an RV loan costs a borrower in interest payment. RV Loan - $50,000 Interest Rate - 5.95% Terms - 10 years The monthly payment is $553.85 for this RV loan with a total payment of $66,461.75, which means borrowers would pay about $16,461.75 in interest payments. Monthly Payment - $553.85 Interest Payments - $16,461.75 Total Payments - $66,461.75 For larger RV loans, borrowers will pay even more in interest payments assuming the terms and interest rate stays the same. Therefore, to reduce interest costs, it is recommended that borrowers save up at least a 20% down payment to finance their RV.
How to apply for an RV loan?
Before applying for an RV loan or shopping for an RV, borrowers should first know their budget. They should also save up a decent down payment that they can put toward their RV. The bigger the down payment, the fewer interest payments they would pay. Additionally, there are costs associated with owning an RV, such as maintenance and repair and travel expenses. Buyers should estimate these costs and see what kind of RV they can afford. Borrowers should also know their credit scores so that they have a sense of what kind of rates they will be getting. Finally, it's time to go out and find a lender that will finance the purchase of the RV. There are many financial institutions that offer RV loans, such as banks, credit unions, online lenders, and RV dealerships. Borrowers should compare the interest rate from multiple lenders and get the RV loan from the lender that gives them the best interest rate and overall costs.
How to qualify for RV loans?
RV loans are harder to qualify for than car loans as the loan amount is usually much larger. Therefore, lenders require more documentation from borrowers and the application process is usually longer than applying for an auto loan. Lenders will check credit scores, income and employment history, and the debt-to-income ratio.
Credit Score
Borrowers with good credit scores, 700 or above, will qualify for the most competitive interest rate. Those who have a credit score in the 650 - 680 range will still qualify but will get higher rates. Applicants with bad credit scores will find it difficult to get approved for RV loans. Some lenders do offer RV loans for borrowers with bad credit scores, but they will absolutely come with a much higher interest rate. That means borrowers with bad credit scores will find themselves paying a lot for interest payment through the course of the RV loan.
Income
Lenders will check the borrower's income and sometimes employment history to see if the applicant has a stable job and a stream of income flow. Lenders want to do everything they can to make sure the borrower has the ability to repay the loan. They may even ask for pay stubs to verify the borrower's income.
Debt-to-Income Ratio
Lenders will also want to check the borrower's debt-to-income ratio or LTV. If a borrower has a lot of debt, lenders may not approve his loan. Most lenders required an LTV of 40% or lower. Some lenders may approve applicants with LTV above 40%, but again the interest rate will generally be higher.
RV Loan FAQs
What is the minimum down payment for RV loans?
Most lenders require a minimum down payment of 20% for RV loans. However, some lenders are willing to accept down payments as low as 10%, but usually with higher interest rates. It is much easier for borrowers with a low down payment to walk away from their RV loans during financial hardships than borrowers who put in more money. Therefore, lenders charge a higher interest rate to protect themselves from additional risks.
Can you pay off your RV loan earlier?
Most lenders allow their borrowers to pay off their RV loans earlier. However, borrowers should check with the lender and make sure there are no penalties for early repayment before signing the final contract.
What credit score is needed for an RV loan?
Borrowers with credit scores above 700 will get the most competitive interest rate for RV loans. Most lenders require borrowers to have a credit score of at least 650. Some lenders offer RV loans for borrowers with bad credit, but they often come with much higher interest rates and costs.
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