Rv Loan Calculator
Estimate your monthly payment for a recreational vehicle (RV) loan. See how loan term, interest rate, and down payment affect your financing.
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How to Calculate Your RV Loan Payments
Financing an RV is a common way to purchase a new or used recreational vehicle. Understanding how your monthly payment is calculated is key to budgeting for your adventure on the road. This calculator helps you estimate your monthly payment and understand the total cost of your loan.
The Loan Payment Formula
The calculation for a standard installment loan, like an RV loan, uses the following amortization formula:
M = L * [r(1+r)ⁿ] / [(1+r)ⁿ - 1]Where:
- M = Your monthly payment
- L = The total loan amount (RV Price - Down Payment)
- r = Your monthly interest rate (your annual rate divided by 12)
- n = The total number of payments (loan term in years multiplied by 12)
Practical Example
Let's consider an example:
- RV Price: $50,000
- Down Payment: $10,000
- Interest Rate: 7.5% per year
- Loan Term: 15 years
- Calculate Loan Amount (L):
$50,000 - $10,000 = $40,000
- Calculate Monthly Interest Rate (r):
7.5% / 100 / 12 = 0.00625
- Calculate Number of Payments (n):
15 years * 12 months/year = 180 payments
- Calculate Monthly Payment (M):
Using the formula, the monthly payment would be approximately $370.42.
Over the life of the loan, you would pay a total of $66,675.60 in monthly payments. Subtracting the principal of $40,000 leaves $26,675.60 in total interest paid.
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