5 Years (60 Months)
10 Years (120 Months)
12 Years (144 Months)
15 Years (180 Months)
20 Years (240 Months)
Loan Summary
Monthly Payment:$0.00
Total Loan Amount:$0.00
Total Interest Paid:$0.00
Total Cost of RV:$0.00
function calculateRVLoan() {
var price = parseFloat(document.getElementById('rv_price').value);
var downPayment = parseFloat(document.getElementById('rv_down').value) || 0;
var tradeIn = parseFloat(document.getElementById('rv_trade').value) || 0;
var annualRate = parseFloat(document.getElementById('rv_rate').value);
var years = parseFloat(document.getElementById('rv_term').value);
if (isNaN(price) || isNaN(annualRate) || price <= 0) {
alert("Please enter valid numbers for price and interest rate.");
return;
}
var principal = price – downPayment – tradeIn;
if (principal <= 0) {
alert("Down payment and trade-in exceed the purchase price.");
return;
}
var monthlyRate = (annualRate / 100) / 12;
var numberOfPayments = years * 12;
var monthlyPayment = 0;
if (monthlyRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var totalCost = (monthlyPayment * numberOfPayments) + downPayment + tradeIn;
var totalInterest = (monthlyPayment * numberOfPayments) – principal;
document.getElementById('res_monthly').innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res_principal').innerHTML = "$" + principal.toLocaleString();
document.getElementById('res_interest').innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res_total').innerHTML = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('rv_results').style.display = 'block';
}
Understanding Your RV Loan Payments
Purchasing a recreational vehicle is a major investment. Unlike standard auto loans, RV loans often function more like home mortgages, offering extended terms and specific tax considerations. Using our RV Loan Payment Calculator helps you visualize your monthly commitment before you visit the dealership.
Key Factors in RV Financing
Loan Term: While cars are usually financed for 5-7 years, RVs can be financed for up to 20 years. Longer terms lower the monthly payment but increase the total interest paid over the life of the loan.
Down Payment: Lenders typically require 10% to 20% down for an RV. A higher down payment reduces your "Loan to Value" (LTV) ratio, often resulting in a better interest rate.
Interest Rates: These vary based on your credit score, the age of the RV (new vs. used), and the loan amount.
Example Calculation
If you purchase a Class A Motorhome for $150,000 with a $30,000 down payment at a 7% interest rate for 15 years:
Loan Amount: $120,000
Monthly Payment: $1,078.60
Total Interest Paid: $74,147.16
Total Cost: $224,147.16
Pro Tip for RV Buyers
Always check if your RV qualifies as a second home for tax purposes. If the RV has basic sleeping, cooking, and toilet facilities, the interest paid on the loan may be tax-deductible in some jurisdictions. Consult with a tax professional to see if your purchase qualifies, as this can significantly lower the effective cost of your loan.