How much RV can I afford?
Most calculators start from the price. This one starts from your budget: enter the monthly payment you can live with and see the most you should spend.
RV price you can afford
$44,434
with $500 a month for 10 years
- Loan amount
- $41,211
- Sales tax on that price
- $2,777
- Cash due at signing
- $6,000
- Total interest over the loan
- $18,789
| Term | RV price | Loan amount | Total interest |
|---|---|---|---|
| 5 years | $28,856 | $24,659 | $5,341 |
| 7 years | $35,840 | $32,080 | $9,920 |
| 10 years | $44,434 | $41,211 | $18,789 |
| 12 years | $49,121 | $46,191 | $25,809 |
| 15 years | $54,890 | $52,320 | $37,680 |
| 20 years | $61,908 | $59,777 | $60,223 |
Same interest rate assumed for every term; in practice longer terms usually cost a little more.
The term changes the answer more than anything else
With $500 a month, $6,000 down, 8% APR and 6.25% sales tax rolled into the loan, a 7-year term supports an RV of about $35,840. Stretch to 15 years and the same payment supports about $54,890. The bigger number is tempting, but you pay interest for twice as long on an RV that is losing value the whole time.
A sensible approach: decide the price using a term you would actually choose, then check the term comparison to see what a longer loan really costs.
Budget for more than the payment
The loan payment is only part of the monthly cost of an RV. Before you settle on a payment, set aside room for:
- Insurance. Get a quote for the specific RV; it varies with type, value and how you use it.
- Storage, if you cannot park it at home.
- Maintenance and repairs: tires, roof sealing, winterizing, and engine service on motorhomes.
- Fuel and campsite fees for the trips you plan to take.
- A tow vehicle if you are buying a towable and your current vehicle cannot pull it.
The main RV loan calculator adds fuel, maintenance and insurance to the payment to give a monthly ownership cost.
What lenders look at
Lenders check your debt-to-income ratio: your monthly debt payments, including the new RV loan, divided by your gross monthly income. Each lender sets its own limit. If the payment you enter here pushes that ratio up, expect a higher rate, a larger required down payment, or a smaller approval.
Frequently asked questions
How much should an RV payment be?
There is no single number. Start from your monthly budget after housing, savings and other debts, then leave room for insurance, storage and upkeep before deciding what is left for the loan.
Does a bigger down payment let me buy a more expensive RV?
Yes, dollar for dollar (a little less when sales tax is financed). Raise the down payment in the calculator to see the effect on the price you can afford.