Construction loan calculator
How much can you borrow to build?
Enter what you owe on the land or home, your build cost and the expected value when it's finished. You'll see the loan you'd need and how it compares to our loan-to-value limits.
Any mortgage or lot loan balance. Enter 0 if it is paid off.
Your builder's contract price.
+ 10% contingency:
What the finished home should appraise for.
- Loan needed
- Estimated max loan
Estimate only, for illustration. This is not a loan approval, a commitment to lend or a rate quote. Your actual loan amount depends on the appraisal, credit approval, underwriting and program guidelines, which can change. Loan-to-value limits shown are for a primary residence you will live in. Second homes and investment properties have different limits; call Neil for those.
How the estimate works
What goes into the number
Loan needed is your construction cost plus a 10% contingency for overruns, plus anything you still owe on the land or home. The payoff doesn't get the extra 10%.
Estimated max loan comes from the after-build value. The loan-to-value limit steps down as the loan gets bigger: up to 80% on loans to $1.5 million, 75% to $2 million, 70% to $5 million and 65% to $10 million. These limits are for a primary home you'll live in. Second homes and investment properties have different limits, so call Neil for those numbers.
The appraisal sets the real after-build value. Your credit, income and assets matter too. A quick call is the fastest way to know where you stand.