David is a Chartered Financial Analyst with 15 years of experience in consumer lending, specializing in recreational vehicle (RV) financing.
This 4-in-1 RV Loan calculator helps you find the missing variable in your loan. Enter any three values for your new RV—Principal, Rate, Term, or Payment—and we will solve for the fourth.
RV Loan Calculator
RV Loan (Amortization) Formulas
i = R / 12 / 100 (Monthly Rate)
n = T * 12 (Number of Months)
Solve for Monthly Payment (M):
M = P * [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Solve for Loan Amount (P):
P = M * [ (1 + i)^n – 1 ] / [ i(1 + i)^n ]
Solve for Term (n):
n = log( M / (M – P*i) ) / log(1 + i)
Solve for Rate (i):
(No direct formula; solved iteratively)
Formula Variables
- (P) Loan Amount: The total amount you are financing for the RV.
- (R) Annual Rate: The Annual Percentage Rate (APR) offered by your lender.
- (T) Loan Term: The length of the loan, typically 10 to 20 years for an RV.
- (M) Monthly Payment: The fixed monthly payment (Principal & Interest). This does not include insurance, storage fees, or maintenance.
Related Calculators
What is an RV Loan?
An RV loan is an installment loan used to finance the purchase of a new or used recreational vehicle, such as a motorhome, travel trailer, or camper. Much like boat loans, RV loans are secured loans where the vehicle itself serves as collateral. Because RVs can be very expensive, these loans often have features similar to mortgages.
A key feature of RV loans is the extended term (T). While a car loan might be 5-7 years, RV loans commonly offer terms of 10, 15, or even 20 years. This long-term financing makes the monthly payment (M) more affordable for a high-value item, but it’s important to understand how the interest (R) will add up over the life of the loan.
This calculator is a 4-in-1 tool to explore the relationship between these variables. You can solve for your monthly payment, see how much RV you can afford (P), determine the term (T) needed to hit a payment goal, or find the interest rate (R) you’d need.
How to Calculate an RV Loan Payment (Example)
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Identify New Loan Variables
You are financing a new motorhome for $75,000 after your down payment.
• Loan Amount (P): $75,000
• Annual Rate (R): 7.99%
• Loan Term (T): 15 years -
Convert to Monthly Terms (i, n)
The formula uses monthly values:
• Monthly Rate (i): 7.99% / 12 / 100 = 0.0066583
• Number of Months (n): 15 years * 12 = 180 -
Choose the Payment Formula
Use the standard formula to solve for Monthly Payment (M):
M = P * [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] -
Calculate the Monthly Payment
Plug in the monthly values:
• Numerator: 0.0066583 * (1 + 0.0066583)^180 = 0.02198
• Denominator: (1 + 0.0066583)^180 – 1 = 2.298
M = $75,000 * [ 0.02198 / 2.298 ]
M = $75,000 * 0.009565 = $717.38
Your new monthly P&I payment will be $717.38.
Frequently Asked Questions (FAQ)
What is a typical interest rate for an RV loan?
RV loan rates (R) are based on your credit score, the loan amount (P), and the age of the RV. They are generally competitive, often falling between auto loan rates and personal loan rates. As of late 2024/2025, rates can range from 7% to 13% or more.
How long are RV loan terms?
Loan terms (T) are very flexible. While 7-10 year terms are common, 15 and 20-year terms are widely available for new, high-value Class A motorhomes. A longer term lowers the payment (M) but increases the total interest paid.
How much down payment do I need for an RV?
Most lenders require a down payment, typically 10% to 20% of the RV’s purchase price. This demonstrates commitment and reduces the lender’s risk.
What other costs should I budget for?
This calculator only covers Principal & Interest (P&I). You must also budget for comprehensive RV insurance (mandatory for a loan), storage fees (if you can’t park it at home), fuel, and annual maintenance/winterization.