Home Improvement Loan Calculator
Calculate monthly payments, total costs, and amortization schedule for your home renovation project
Calculate Home Improvement Loan
Amount you plan to borrow for home improvements
Annual interest rate offered by lender
Loan repayment period in years
Additional months on top of years
Application fee as percentage of loan amount
When your first payment is due
Payment Summary
Loan Analysis
First Year Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1001.90 | $689.40 | $312.50 | $49310.60 |
| 2 | $1001.90 | $693.71 | $308.19 | $48616.90 |
| 3 | $1001.90 | $698.04 | $303.86 | $47918.85 |
| 4 | $1001.90 | $702.40 | $299.49 | $47216.45 |
| 5 | $1001.90 | $706.79 | $295.10 | $46509.66 |
| 6 | $1001.90 | $711.21 | $290.69 | $45798.44 |
| 7 | $1001.90 | $715.66 | $286.24 | $45082.79 |
| 8 | $1001.90 | $720.13 | $281.77 | $44362.66 |
| 9 | $1001.90 | $724.63 | $277.27 | $43638.03 |
| 10 | $1001.90 | $729.16 | $272.74 | $42908.87 |
| 11 | $1001.90 | $733.72 | $268.18 | $42175.15 |
| 12 | $1001.90 | $738.30 | $263.59 | $41436.85 |
Types of Home Improvement Loans
Personal Loans
Unsecured loans for smaller projects up to $100K
Home Equity Loans
Secured loans using home as collateral
HELOC
Line of credit with variable rates
Cash-Out Refinance
Refinance for more than you owe
Home Improvement Tips
Get multiple contractor quotes before borrowing
Consider tax-deductible energy efficiency improvements
Ensure improvements add value to your home
Keep detailed records for warranty and tax purposes
Budget 10-20% extra for unexpected costs
Understanding Home Improvement Loans
What is a Home Improvement Loan?
A home improvement loan is financing specifically designed to fund home renovations and upgrades. These loans can be secured (backed by your home) or unsecured (based on creditworthiness), with varying terms, rates, and amounts depending on the project scope and your financial situation.
Types of Projects
- •Kitchen and bathroom remodeling
- •Room additions and extensions
- •Energy efficiency improvements
- •Roofing, siding, and exterior work
- •HVAC system upgrades
Loan Calculation Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M: Monthly payment
- P: Principal loan amount
- r: Monthly interest rate (annual rate ÷ 12)
- n: Total number of monthly payments
APR Calculation: Includes application fees and other costs to show the true cost of borrowing
Secured Loans
- • Lower interest rates
- • Higher loan amounts
- • Longer repayment terms
- • Home serves as collateral
Unsecured Loans
- • No collateral required
- • Faster approval process
- • Higher interest rates
- • Credit-based approval
Government Options
- • FHA 203(k) loans
- • VA renovation loans
- • USDA repair grants
- • Energy efficiency programs