Financial Tools
Construction Loan Calculator
Estimate your monthly interest-only payments during the 12-24 month build phase, and see what your permanent mortgage payment will look like once construction is complete.
Loan Details
$1,000,000
6.5%
Payment Breakdown
Phase 1: Construction
$5,417/mo (Max)
During the 12-month build period, you only pay interest on the funds drawn by your builder. The payment starts low and maxes out at this amount when the home is 100% complete.
Average estimated monthly payment during construction: $2,708
Phase 2: Permanent Mortgage
$6,321/mo
After construction finishes, your loan automatically converts to a 30-year fully amortizing mortgage. This includes principal and interest.
*Taxes and insurance are not included in these estimates and will increase your total monthly obligation.