Renovation Loan & Financing Calculator
Calculate loan options, monthly payments, and interest rates for your home renovation project financing.
Calculate Your Financing Options
Compare loan types and find the best financing solution for your renovation
Renovation Financing Guide
Types of Renovation Loans:
Personal Loans
Best for: Small to medium projects ($5K-$100K)
- No collateral required
- Fast approval (1-7 days)
- Fixed interest rates
- Higher rates (6-25%)
Home Equity Loans
Best for: Major renovations ($10K-$500K)
- Lower interest rates (4-12%)
- Home used as collateral
- Tax-deductible interest*
- Longer approval process
Construction Loans
Best for: Major additions/gut renovations
- Draw funds as work progresses
- Competitive rates (5-15%)
- Requires detailed project plans
- More complex approval
Factors Affecting Your Rates:
Credit Score Impact:
- 750+ Credit: Best rates available
- 700-749: Good rates
- 650-699: Average rates
- Below 650: Higher rates/limited options
Other Rate Factors:
- Debt-to-income ratio
- Loan amount and term
- Home equity available
- Employment stability
Tips for Better Loan Terms:
- Shop Around: Get quotes from at least 3-5 lenders
- Improve Credit: Pay down debts and fix credit errors before applying
- Consider Co-signers: Can help secure better rates
- Timing Matters: Apply when rates are favorable
- Have Documentation Ready: Income, assets, project plans
Questions to Ask Lenders:
- What are all fees involved (origination, appraisal, etc.)?
- Is there a prepayment penalty?
- How long is the approval process?
- Are there restrictions on how funds can be used?
- What happens if the project costs more than expected?
Important Disclaimer
This calculator provides estimates only. Actual loan terms, rates, and approval depend on your specific financial situation, credit history, and lender requirements. Always consult with qualified financial advisors and get official quotes from multiple lenders before making financing decisions.