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Construction Loan Calculator excel to calculate the monthly payments for your new construction project. Whether you are building your own house or getting a loan for home improvement, the home construction loan calculator will calculate the monthly loan payments with an amortization table and chart that is exportable to an excel spreadsheet.
Loan Calculator Summary |
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Loan Amount: |
$100,000.00 | |||||
Monthly Payment: |
$4,342.49 | |||||
Total # Of Payments: |
24 | |||||
Start Date: |
May, 2022 | |||||
Payoff Date: |
Apr, 2024 | |||||
Total Interest Paid: |
$4,219.81 | |||||
Total Payment: |
$104,219.81 | |||||
Loan Amortization Schedule |
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Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
---|---|---|---|---|---|---|
May, 2022 | 1 | $333.33 | $4,009.16 | $4,342.49 | $95,990.84 | |
Jun, 2022 | 2 | $319.97 | $4,022.52 | $4,342.49 | $91,968.32 | |
Jul, 2022 | 3 | $306.56 | $4,035.93 | $4,342.49 | $87,932.39 | |
Aug, 2022 | 4 | $293.11 | $4,049.38 | $4,342.49 | $83,883.00 | |
Sep, 2022 | 5 | $279.61 | $4,062.88 | $4,342.49 | $79,820.12 | |
Oct, 2022 | 6 | $266.07 | $4,076.43 | $4,342.49 | $75,743.70 | |
Nov, 2022 | 7 | $252.48 | $4,090.01 | $4,342.49 | $71,653.68 | |
Dec, 2022 | 8 | $238.85 | $4,103.65 | $4,342.49 | $67,550.04 | |
Jan, 2023 | 9 | $225.17 | $4,117.33 | $4,342.49 | $63,432.71 | |
Feb, 2023 | 10 | $211.44 | $4,131.05 | $4,342.49 | $59,301.66 | |
Mar, 2023 | 11 | $197.67 | $4,144.82 | $4,342.49 | $55,156.84 | |
Apr, 2023 | 12 | $183.86 | $4,158.64 | $4,342.49 | $50,998.20 | |
May, 2023 | 13 | $169.99 | $4,172.50 | $4,342.49 | $46,825.71 | |
Jun, 2023 | 14 | $156.09 | $4,186.41 | $4,342.49 | $42,639.30 | |
Jul, 2023 | 15 | $142.13 | $4,200.36 | $4,342.49 | $38,438.94 | |
Aug, 2023 | 16 | $128.13 | $4,214.36 | $4,342.49 | $34,224.58 | |
Sep, 2023 | 17 | $114.08 | $4,228.41 | $4,342.49 | $29,996.17 | |
Oct, 2023 | 18 | $99.99 | $4,242.50 | $4,342.49 | $25,753.66 | |
Nov, 2023 | 19 | $85.85 | $4,256.65 | $4,342.49 | $21,497.01 | |
Dec, 2023 | 20 | $71.66 | $4,270.84 | $4,342.49 | $17,226.18 | |
Jan, 2024 | 21 | $57.42 | $4,285.07 | $4,342.49 | $12,941.11 | |
Feb, 2024 | 22 | $43.14 | $4,299.36 | $4,342.49 | $8,641.75 | |
Mar, 2024 | 23 | $28.81 | $4,313.69 | $4,342.49 | $4,328.07 | |
Apr, 2024 | 24 | $14.43 | $4,328.07 | $4,342.49 | $0.00 |
A construction loan is a short-term loan used to finance the construction of a real estate property. The property could be a single-family, multi-family, commercial building, or an entire apartment. One can use a construction loan to build his dream home or investment property. Lenders view construction loans as riskier than traditional mortgages, therefore, the interest rate for construction loans is higher.
The construction loan only covers the costs of building the house, the borrower will still need to get a mortgage after the house is built. Construction loans are short-term loans, and the term is usually for a year or two. There are different types of construction loans, and each has a different requirement. Some construction loans allow a borrower to pay only the interest while the house is under construction. Some loans require the borrower to pay off the loan once the project is completed, while others allow the borrower to refinance or get a new loan to pay off the construction loan.
Following is a list of the different types of construction loans.
The requirement for a construction loan is usually stricter than a traditional mortgage as they are riskier to the lender. Many lenders require the borrower to put a minimum of 20% - 25% as a down payment.
Lenders also check credit scores to determine what kind of interest rate a borrower will be getting. The higher the score, the lower the interest rate. Most lenders do not accept borrowers with a credit score lower than 620. The borrowers will also need to provide a detailed construction plan and the costs estimate. Your loan will not be approved until you provide these documents. Be sure to have a solid plan written down before you apply for a construction loan. The borrower is expected to have a low debt to income ratio or DTI. Lenders want to see the borrower has low debt so that the borrower is able to repay the construction loan.
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