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Construction Loan Calculator
Construction loan calculator to calculate the monthly payment for your home construction loan. The home construction loan calculator will generate a construction loan amortization schedule excel that shows you everything you needed to know about your construction loan and payment.
Loan Summary |
|
Loan Amount: |
$100,000.00 |
Monthly Payment: |
$1,680.99 |
Total # Of Payments: |
72 |
Start Date: |
Oct, 2023 |
Payoff Date: |
Sep, 2029 |
Total Interest Paid: |
$21,031.49 |
Total Payment: |
$121,031.49 |
Construction Loan Amortization Schedule |
||||||
| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Oct, 2023 | 1 | $541.67 | $1,139.33 | $1,680.99 | $98,860.67 | |
| Nov, 2023 | 2 | $535.50 | $1,145.50 | $1,680.99 | $97,715.18 | |
| Dec, 2023 | 3 | $529.29 | $1,151.70 | $1,680.99 | $96,563.47 | |
| Jan, 2024 | 4 | $523.05 | $1,157.94 | $1,680.99 | $95,405.53 | |
| Feb, 2024 | 5 | $516.78 | $1,164.21 | $1,680.99 | $94,241.32 | |
| Mar, 2024 | 6 | $510.47 | $1,170.52 | $1,680.99 | $93,070.80 | |
| Apr, 2024 | 7 | $504.13 | $1,176.86 | $1,680.99 | $91,893.94 | |
| May, 2024 | 8 | $497.76 | $1,183.23 | $1,680.99 | $90,710.71 | |
| Jun, 2024 | 9 | $491.35 | $1,189.64 | $1,680.99 | $89,521.06 | |
| Jul, 2024 | 10 | $484.91 | $1,196.09 | $1,680.99 | $88,324.98 | |
| Aug, 2024 | 11 | $478.43 | $1,202.57 | $1,680.99 | $87,122.41 | |
| Sep, 2024 | 12 | $471.91 | $1,209.08 | $1,680.99 | $85,913.33 | |
| Oct, 2024 | 13 | $465.36 | $1,215.63 | $1,680.99 | $84,697.70 | |
| Nov, 2024 | 14 | $458.78 | $1,222.21 | $1,680.99 | $83,475.49 | |
| Dec, 2024 | 15 | $452.16 | $1,228.83 | $1,680.99 | $82,246.65 | |
| Jan, 2025 | 16 | $445.50 | $1,235.49 | $1,680.99 | $81,011.16 | |
| Feb, 2025 | 17 | $438.81 | $1,242.18 | $1,680.99 | $79,768.98 | |
| Mar, 2025 | 18 | $432.08 | $1,248.91 | $1,680.99 | $78,520.07 | |
| Apr, 2025 | 19 | $425.32 | $1,255.68 | $1,680.99 | $77,264.39 | |
| May, 2025 | 20 | $418.52 | $1,262.48 | $1,680.99 | $76,001.92 | |
| Jun, 2025 | 21 | $411.68 | $1,269.32 | $1,680.99 | $74,732.60 | |
| Jul, 2025 | 22 | $404.80 | $1,276.19 | $1,680.99 | $73,456.41 | |
| Aug, 2025 | 23 | $397.89 | $1,283.10 | $1,680.99 | $72,173.31 | |
| Sep, 2025 | 24 | $390.94 | $1,290.05 | $1,680.99 | $70,883.25 | |
| Oct, 2025 | 25 | $383.95 | $1,297.04 | $1,680.99 | $69,586.21 | |
| Nov, 2025 | 26 | $376.93 | $1,304.07 | $1,680.99 | $68,282.14 | |
| Dec, 2025 | 27 | $369.86 | $1,311.13 | $1,680.99 | $66,971.01 | |
| Jan, 2026 | 28 | $362.76 | $1,318.23 | $1,680.99 | $65,652.78 | |
| Feb, 2026 | 29 | $355.62 | $1,325.37 | $1,680.99 | $64,327.40 | |
| Mar, 2026 | 30 | $348.44 | $1,332.55 | $1,680.99 | $62,994.85 | |
| Apr, 2026 | 31 | $341.22 | $1,339.77 | $1,680.99 | $61,655.08 | |
| May, 2026 | 32 | $333.97 | $1,347.03 | $1,680.99 | $60,308.05 | |
| Jun, 2026 | 33 | $326.67 | $1,354.32 | $1,680.99 | $58,953.73 | |
| Jul, 2026 | 34 | $319.33 | $1,361.66 | $1,680.99 | $57,592.07 | |
| Aug, 2026 | 35 | $311.96 | $1,369.04 | $1,680.99 | $56,223.03 | |
| Sep, 2026 | 36 | $304.54 | $1,376.45 | $1,680.99 | $54,846.58 | |
| Oct, 2026 | 37 | $297.09 | $1,383.91 | $1,680.99 | $53,462.67 | |
| Nov, 2026 | 38 | $289.59 | $1,391.40 | $1,680.99 | $52,071.27 | |
| Dec, 2026 | 39 | $282.05 | $1,398.94 | $1,680.99 | $50,672.33 | |
| Jan, 2027 | 40 | $274.48 | $1,406.52 | $1,680.99 | $49,265.81 | |
| Feb, 2027 | 41 | $266.86 | $1,414.14 | $1,680.99 | $47,851.67 | |
| Mar, 2027 | 42 | $259.20 | $1,421.80 | $1,680.99 | $46,429.88 | |
| Apr, 2027 | 43 | $251.50 | $1,429.50 | $1,680.99 | $45,000.38 | |
| May, 2027 | 44 | $243.75 | $1,437.24 | $1,680.99 | $43,563.14 | |
| Jun, 2027 | 45 | $235.97 | $1,445.03 | $1,680.99 | $42,118.11 | |
| Jul, 2027 | 46 | $228.14 | $1,452.85 | $1,680.99 | $40,665.26 | |
| Aug, 2027 | 47 | $220.27 | $1,460.72 | $1,680.99 | $39,204.54 | |
| Sep, 2027 | 48 | $212.36 | $1,468.64 | $1,680.99 | $37,735.90 | |
| Oct, 2027 | 49 | $204.40 | $1,476.59 | $1,680.99 | $36,259.31 | |
| Nov, 2027 | 50 | $196.40 | $1,484.59 | $1,680.99 | $34,774.72 | |
| Dec, 2027 | 51 | $188.36 | $1,492.63 | $1,680.99 | $33,282.09 | |
| Jan, 2028 | 52 | $180.28 | $1,500.71 | $1,680.99 | $31,781.38 | |
| Feb, 2028 | 53 | $172.15 | $1,508.84 | $1,680.99 | $30,272.53 | |
| Mar, 2028 | 54 | $163.98 | $1,517.02 | $1,680.99 | $28,755.52 | |
| Apr, 2028 | 55 | $155.76 | $1,525.23 | $1,680.99 | $27,230.28 | |
| May, 2028 | 56 | $147.50 | $1,533.50 | $1,680.99 | $25,696.79 | |
| Jun, 2028 | 57 | $139.19 | $1,541.80 | $1,680.99 | $24,154.99 | |
| Jul, 2028 | 58 | $130.84 | $1,550.15 | $1,680.99 | $22,604.83 | |
| Aug, 2028 | 59 | $122.44 | $1,558.55 | $1,680.99 | $21,046.28 | |
| Sep, 2028 | 60 | $114.00 | $1,566.99 | $1,680.99 | $19,479.29 | |
| Oct, 2028 | 61 | $105.51 | $1,575.48 | $1,680.99 | $17,903.81 | |
| Nov, 2028 | 62 | $96.98 | $1,584.01 | $1,680.99 | $16,319.80 | |
| Dec, 2028 | 63 | $88.40 | $1,592.59 | $1,680.99 | $14,727.20 | |
| Jan, 2029 | 64 | $79.77 | $1,601.22 | $1,680.99 | $13,125.98 | |
| Feb, 2029 | 65 | $71.10 | $1,609.89 | $1,680.99 | $11,516.09 | |
| Mar, 2029 | 66 | $62.38 | $1,618.61 | $1,680.99 | $9,897.47 | |
| Apr, 2029 | 67 | $53.61 | $1,627.38 | $1,680.99 | $8,270.09 | |
| May, 2029 | 68 | $44.80 | $1,636.20 | $1,680.99 | $6,633.90 | |
| Jun, 2029 | 69 | $35.93 | $1,645.06 | $1,680.99 | $4,988.84 | |
| Jul, 2029 | 70 | $27.02 | $1,653.97 | $1,680.99 | $3,334.87 | |
| Aug, 2029 | 71 | $18.06 | $1,662.93 | $1,680.99 | $1,671.94 | |
| Sep, 2029 | 72 | $9.06 | $1,671.94 | $1,680.99 | $0.00 | |
What are construction loans?
A home construction loan is a loan used to finance the construction of a residential property. Construction loans are short-term loans with higher interest rates than traditional mortgages. There are different types of construction loans such as construction-only loans, construction-to-permanent loans, renovation loans, and owner-builder construction loans.
How do construction loans work?
Home construction loans work differently than traditional mortgages. Borrowers use a construction loan to pay for material and labor costs to build a new house. When a borrower is approved for a construction loan, he does not receive a lump sum payment. Instead, the lender will pay the builder with batches of payments throughout different phases of the construction. During the construction, borrowers are only required to make interest-only payments. After the construction is completed, borrowers can then convert the loan into a conventional mortgage where the borrowers will be required to make full payments (interest + principal), or pay off the whole loan balance.
Types of construction loans
There are different types of construction loans available, the following are four common ones.
- Construction-loan loan - A construction-only loan covers just the cost of building a house, such as buying materials and paying the workers. Once the construction is completed, the homeowner is required to pay off the loan amount or take out a permanent mortgage. Two application processes are involved in the borrower deciding to apply for a traditional home mortgage after the construction is done.
- Construction-to-permanent loan - The loan covers the costs of construction and then converts the construction loan to a permanent mortgage after the house is built. The benefit of this type of loan is that there is only one loan process involved. There is no need to apply for a construction loan and then a traditional mortgage.
- Renovation loan - A loan that covers the cost of renovating an existing home instead of building a new one.
- Owner-builder construction loan - A loan for borrowers who are also licensed builders and wanted to build the house on their own. It could be a construction-only or a construction-to-permanent loan.
Construction loan requirements
Construction loans are harder to get than traditional mortgages because they carry considerably more risks for lenders as there is no house to use as collateral. Therefore, the interest rate for construction loans is higher. To qualify for a construction loan, lenders are going to look at the borrower's income, credit score, debt-to-income ratio, and down payment amount. In addition, lenders will need to see the architectural plans, the builder's certificate, and license, and the construction timeline and budget.
Credit Score
Most lenders require a credit score of 700 or above to qualify for a construction loan. They want to see the borrower is responsible for their bills and has good credit. Some lenders will have lower requirements on credit scores, but their interest rates are usually much higher to offset the additional risks.
Income Check
Lenders will do an income check to see if the borrower is financially strong to repay the loan. Borrowers are required to show documents to prove their income, employment history, and assets.
Down Payment
Borrowers should be prepared to have at least a 20% down payment saved up. Although some lenders will still approve borrowers with a lower down payment, interest rates for these lenders might be higher.
Debt-to-income ratio
Having a low debt-to-income ratio will increase the borrower's chance of getting approved for a construction loan. Lenders want to make sure the borrower is not in too much debt which will impact his ability to repay the construction loan.
Construction Plan
Lenders want to see as many details as possible about the construction plan, including the budget, timeline, certificate, architecture, design blueprints of the house, and draw schedules of the loan. The more detail the borrowers provide, the better. Do not hold anything back as that will only delay the loan approval process.
How to apply for a construction loan?
Following are the steps that one can follow to apply for a construction loan.
Find a builder
Before you apply for a construction loan, you need to first find a builder for your home. It is best to use a builder that is recommended by your friends and family. If none of your friends or family has any recommendations, then look for builders in your area. You can search online or look at the local directory. Read the reviews online, and check for references of their previous work. Find the best builder that you can find.
Have all your documents ready
Know your credit score and get your credit report to see if there are any errors. Fix any errors on your credit report if you find any. Having a high credit score will save you thousands and thousands of dollars in interest payments. Gather your tax returns and the latest financial statement from your bank.
Compare lenders
The next step is to go and shop around for lenders. Just like a traditional mortgage, you want to compare the interest rates and the overall costs from multiple lenders and choose one that has the lowest interest rate and fees.
Start the construction loan process
Once you narrow down to the best lender, you can start the loan process. Promptly provide the loan processor with whatever documents they ask for. Communicate and follow up with the loan processor on the status of the loan. Your lender will require you to buy home insurance even though the house is not being built yet. Home insurance with builder's risk coverage will cover the costs if there are any accidents that happen during construction.
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