Boat Loan APR Calculator with Bi-Weekly Payments
This calculator estimates periodic loan payments and key totals for a boat loan when you choose bi‑weekly payments (26 payments per year) or another payment frequency. Enter the loan amount, APR, term, any upfront fees, and optional extra payments per period to see payment, total cost, and effective annual rate.
Results use the standard fixed‑rate loan annuity formula and show both the payment per period and a monthly equivalent for comparison. Use the payments per year field to switch between bi‑weekly (26) and monthly (12) schedules.
Inputs
Results
Payment per period
-$0.29
Total amount paid (principal + interest + fees + extra payments)
-$75.00
Total interest paid
-$30,075.00
Effective annual rate (compounded by payment frequency)
240000.00%
Equivalent monthly payment (for comparison)
-$1.35
| Output | Value | Unit |
|---|---|---|
| Payment per period | -$0.29 | — |
| Total amount paid (principal + interest + fees + extra payments) | -$75.00 | — |
| Total interest paid | -$30,075.00 | — |
| Effective annual rate (compounded by payment frequency) | 240000.00% | — |
| Equivalent monthly payment (for comparison) | -$1.35 | — |
Visualization
Methodology
The payment formula assumes a fixed nominal APR applied to each compounding period. Periodic rate r = APR / payments_per_year. Number of periods n = term_years × payments_per_year. Periodic payment for an amortizing loan: Pmt = principal × r / (1 − (1 + r)^−n).
Upfront finance fees are added to the borrower cost shown in total paid but are not used to modify the nominal APR in this simple tool. Computing an APR that legally includes fees requires an internal rate of return (IRR) or iterative calculation and may be subject to local disclosure rules.
Key takeaways
Use payments_per_year = 26 for bi‑weekly comparisons. This calculator uses the standard amortizing loan formula and reports periodic payments, total cost, and effective annual rate for frequency comparisons.
For legally required APR disclosures or contract reconciliation, validate results against lender disclosures and consider an IRR/iterative APR calculator that includes fees.
Expert Q&A
Does this calculator compute legal APR including fees?
No. This tool treats fees as an additive cost shown under total paid. Legal APR that incorporates fees requires an IRR/iterative calculation and may vary by jurisdiction. Consult your lender's APR disclosure or use a tool specifically labeled 'APR including fees' for legal comparisons.
Why are bi‑weekly payments sometimes shown as savings versus monthly?
With more frequent payments (26 vs 12), interest compounds on a smaller outstanding balance between payments, which can reduce total interest over the same nominal APR. This calculator shows the effective annual rate (EAR) for frequency comparison.
How accurate are the results?
Results are accurate to the level of the underlying mathematical model (standard amortizing loan formula). They do not account for lender rounding rules, payment schedule alignment, daily interest conventions, or taxes and insurance. For contract‑level accuracy, review your loan agreement and lender disclosures.
Can I use this for irregular payment schedules?
This tool assumes fixed, regular periodic payments. Irregular schedules, balloon payments, or interest‑only periods require a schedule builder or loan amortization tool that supports those features.
Sources & citations
- National Institute of Standards and Technology (NIST) — https://www.nist.gov
- International Organization for Standardization (ISO) — https://www.iso.org
- IEEE Standards Association — https://www.ieee.org
- Occupational Safety and Health Administration (OSHA) — https://www.osha.gov