RV amortization schedule
Your payment stays the same every month, but what it pays for does not. Early on most of it is interest; near the end almost all of it is principal.
Monthly payment
$573
8% APR, last payment Nov 2041
- Number of payments
- 180
- Total interest
- $43,210
- Total of payments
- $103,210
| Year | Interest | Principal | Balance at year end |
|---|---|---|---|
| 1 | $4,722 | $2,159 | $57,841 |
| 2 | $4,543 | $2,338 | $55,503 |
| 3 | $4,349 | $2,532 | $52,971 |
| 4 | $4,139 | $2,742 | $50,229 |
| 5 | $3,911 | $2,970 | $47,260 |
| 6 | $3,665 | $3,216 | $44,044 |
| 7 | $3,398 | $3,483 | $40,561 |
| 8 | $3,109 | $3,772 | $36,788 |
| 9 | $2,795 | $4,085 | $32,703 |
| 10 | $2,456 | $4,424 | $28,279 |
| 11 | $2,089 | $4,792 | $23,487 |
| 12 | $1,691 | $5,189 | $18,298 |
| 13 | $1,261 | $5,620 | $12,678 |
| 14 | $794 | $6,086 | $6,592 |
| 15 | $289 | $6,592 | $0 |
How to read an amortization schedule
Each month, the lender charges interest on the balance you still owe, and the rest of your payment reduces that balance. On a $60,000 loan at 8% for 15 years, the payment is $573. In the first month $400 of it is interest and only $173 goes to principal.
Because of that, the balance falls slowly at first. On this loan you would still owe more than half the amount borrowed until year 10, long after the RV has lost much of its value. Switch the schedule to "By month" to see the exact split for every payment.
Using the schedule
- Before you sell or trade in: find the balance for that month and compare it with what the RV will fetch.
- For taxes: if your RV qualifies as a second home, the yearly interest column is what you would deduct. See the rules.
- To test extra payments: add an amount and watch the payoff date and total interest change.
- In a spreadsheet: download the CSV and open it in Excel, Numbers or Google Sheets.
Frequently asked questions
Why does my RV loan balance go down so slowly?
Interest is charged on the outstanding balance, which is largest at the start. Early payments are mostly interest; the principal portion grows each month.
Will my lender's schedule match this one?
Closely, but not to the cent. Lenders may count interest by days rather than months, and your actual payment dates and any late or extra payments change the figures.