Monthly payments on your pool loan will vary based on a number of factors, including the loan term, interest rate and amount financed.
To put this in perspective, a $30,000 loan over 84 months could cost anywhere between $400-$500 per month. A $40,000 loan over the same term would result in a monthly payment of $550 to $675, while a $50,000 loan would cost about $700–$850 per month.
However, if you extend your loan term beyond the standard 84 months, you can lower your monthly payments considerably, making a pool more attainable for many. The trade-off is that you will likely pay more interest on the loan over time.
For example, if you choose a 180-month loan term, your average monthly payment could be $200-$300 less. If you finance $50,000, your payments might be around $395 per month. A $30,000 pool would cost less than $250 per month.
You can also lower your monthly payment by putting a down payment to reduce the amount of money you’re ultimately financing.
Using a swimming pool loan calculator like the one Lyon Financial provides can help you get a feel for how these factors impact your monthly payment.