RV Loan Calculator

The payment shown is principal and interest only. RV loans are often written over fifteen or twenty years, which keeps the monthly figure low and the total interest high — compare the same loan over a shorter term before you sign.

This calculator turns the price of a motorhome, a deposit, a rate and a term into the scheduled monthly payment. The number that really matters here is not the monthly one, though: it is what the term does to the interest, because RV loans are routinely written over fifteen or twenty years, far longer than a car loan. The payment itself is an ordinary annuity — the price minus the deposit, spread over the months at one twelfth of the annual rate. On the defaults, 60,000 at 8.25 % over fifteen years is 582.08 a month; put 12,000 down and it falls to 465.67. Now run the same 60,000 over ten years instead: 735.92 a month, which looks worse, but 28,309.89 in interest against 44,775.16. Stretch it to twenty years and the payment drops to 511.24 while the interest climbs to 62,697.45. The lower payment is the more expensive loan every time. What the payment does not contain is everything that keeps the vehicle on the road: insurance, registration, storage, pitch fees and maintenance are all billed alongside it, so this is not what the motorhome costs you each month. The limitation that matters most is what the result is exact for — a fixed rate, full amortisation, equal payments. A quote can differ because of fees, rounding, or a first period that is not a whole month.