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Construction Loan Calculator

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.

Home Construction Loan Calculator

Loan Amount
Loan Terms
Interest Rate
First Payment Date
Amortization schedule
Show By Month Show By Year

Loan Calculator Summary

Loan Amount:
Monthly Payment:
Total # Of Payments:
Start Date:
May, 2022
Payoff Date:
Apr, 2024
Total Interest Paid:
Total Payment:

Loan Amortization Schedule

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

What is a construction loan?

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.

How do construction loans work?

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.

Types of Construction Loans?

Following is a list of the different types of construction loans.

  • Construction-Only Loan - A short-term loan that covers only the actual construction period, usually 1 year. After the construction is done, the borrower will need to apply for a traditional mortgage to pay off the construction loan or refinance it. There are two application and loan approval processes involved with this type of loan, once for applying for the construction loan, and another for the long-term mortgage. The advantage of this type of loan is that you can shop around to find a lender that gives you a lower interest rate on the long-term mortgage.

  • Construction-To-Permanent Loan - This type of loan allows the borrower to convert the short-term construction loan to a long-term mortgage once the construction is completed. The conversion process is automatic meaning a borrower will only need to be approved once, thus saving on closing costs. During the construction period, the borrower pays only the interest. However, the downside is that construction-to-permanent loans usually have a high-interest rate, and a borrower ends up with a high interest for their long-term mortgage.

  • Renovation Loan - Instead of building a new house, a borrower takes out a loan to renovate or fix his own house. FHA 203(k) is one type of renovation loan that allows a borrower to upgrade their primary home. There are many other options that homeowners may consider to renovate their home, such as a home equity loan, home equity line of credit or cash-out refinance.

  • Owner-builder construction loan - If a borrower is a licensed builder, he can build his own home instead of hiring third-party builders to build his house.

  • End loan - An end loan is the regular mortgage that a borrower needs after the house is built and pays off the construction loan.

How to apply for a construction loan?

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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