5 Years (60 months)
10 Years (120 months)
12 Years (144 months)
15 Years (180 months)
20 Years (240 months)
Results Summary
Estimated Monthly Payment:$0.00
Total Loan Amount:$0.00
Total Interest Paid:$0.00
Total Cost (Loan + Interest + Down):$0.00
function calculateRVPayment() {
var price = parseFloat(document.getElementById("rvPrice").value) || 0;
var down = parseFloat(document.getElementById("downPayment").value) || 0;
var trade = parseFloat(document.getElementById("tradeIn").value) || 0;
var taxRate = parseFloat(document.getElementById("salesTax").value) || 0;
var rate = parseFloat(document.getElementById("interestRate").value) || 0;
var years = parseFloat(document.getElementById("loanTerm").value) || 0;
// Calculate Taxable Amount
var netPrice = price – trade;
var taxAmount = netPrice * (taxRate / 100);
// Calculate Principal
var principal = (price + taxAmount) – down – trade;
if (principal 0) {
// Standard Amortization Formula: P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
var x = Math.pow(1 + monthlyRate, months);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
} else {
monthlyPayment = principal / months;
}
var totalRepayment = monthlyPayment * months;
var totalInterest = totalRepayment – principal;
var totalCost = totalRepayment + down + trade;
document.getElementById("monthlyPaymentDisplay").innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalLoanDisplay").innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalInterestDisplay").innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalCostDisplay").innerText = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("rvResults").style.display = "block";
}
Understanding RV Financing and Loans
Purchasing a Recreational Vehicle (RV) is a significant investment, often comparable to buying a home. Unlike standard auto loans, RV financing can extend for much longer durations, sometimes up to 20 years. This calculator helps you determine your monthly budget by factoring in purchase price, tax, and interest rates.
Key Factors in RV Loan Calculations
Loan Term: Because RVs are considered luxury items or secondary residences, lenders offer terms ranging from 5 to 20 years. Longer terms lower your monthly payment but increase the total interest paid.
Down Payment: Most lenders require 10% to 20% down for an RV. A larger down payment helps you avoid being "upside down" (owing more than the RV is worth) as vehicles depreciate.
Sales Tax: Don't forget that sales tax is usually calculated based on the net price (Price minus Trade-In value). Our calculator automatically adds this to your loan principal if you aren't paying it upfront.
Realistic Example for a Class A Motorhome
Suppose you are looking at a new Class A Motorhome priced at $150,000. You have a trade-in worth $20,000 and a cash down payment of $15,000. If you secure a 15-year loan at 7% interest with a 6% sales tax:
To secure the lowest rates, ensure your credit score is in the "Excellent" range (740+). Additionally, consider "RV-specific" lenders or credit unions, as they often understand the valuation of motorhomes and travel trailers better than traditional big-box banks. Always check if there are prepayment penalties, as paying just $50 extra per month can shave years off your loan and save thousands in interest.