Home Improvement Loan Calculator

Your details

The total amount you plan to borrow for your home renovation project.
The annual percentage rate (APR) offered by your lender. Rates typically range from 6% to 36% depending on your credit score and lender.
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How long you have to repay the loan. Longer terms lower monthly payments but increase total interest.
Some lenders charge a one-time origination or processing fee, typically 1% to 8% of the loan amount. Leave at 0 if your lender does not charge one.
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Optional additional payment on top of the required monthly amount. Extra payments reduce principal faster and cut total interest.
Currency
Monthly paymentModerate cost loan
$315.03

Required payment each month for the life of the loan

Total interest$3,901.68
Total cost of loan$18,901.68
Origination fee$0.00
Amount received$15,000.00
Payoff time (with extra payments)60months
Interest saved by extra payments$0.00
Total cost$18,901.68
Total interest$3,901.68
Interest saved$0.00

Total repayment: $18,901.68 over 60 months.

  • Your required monthly payment is $315.03, and you will pay $3,901.68 in interest over the life of the loan.

Next stepReview the amortization schedule below to see how your balance drops each month, and consider whether extra payments would meaningfully reduce your total cost.

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