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Home improvement loan calculator
If you looking to take out a home improvement loan to upgrade your home, improve your kitchen, or to make other changes to your home to increase its comfort and value, you might be wondering how much will your monthly payments be?
Use this home improvement to see how your monthly payments are impacted by different loan amounts, loan terms, and interest rates.
How to use this calculator
This home improvement loan calculator takes your loan amount, loan term, and interest rate, and shows you how much you will need to pay each month as your pay off your loan.
The calculator requires the following inputs:
- Loan amount: This is the amount of money you want to borrow. The more money you borrow, the higher your monthly payments. The less you borrow, the lower your monthly payments.
- Loan term: Enter how long you want to borrow money for. You might want to pay off your loan within a year, or take a few years to pay it off. The longer you take to pay off your loan, the smaller the monthly payments, but the higher the overall amount you pay on your loan.
- Interest rate: This is the interest rate you pay on your loan.
Understanding your calculated results
- Monthly payments: This is what you can expect to pay each month towards your loan repayment.
- Total principal paid: The principal is the original loan amount, or the amount of money you borrowed.
- Total interest paid: This is the sum of all interest you pay over the life of the loan.
- Total payment: The total payment is the sum of the principal and the interest payments.
What is a home improvement loan?
Home improvement loans are short-term loans intended to pay for remodels, home upgrades, and other changes that improve your home. Home improvement loans are usually unsecured, which means you do not need to provide any collateral, like a home or a car.
You receive a lump-sum payment upfront and repay the loan each month over 3 to 5 years.
Because home improvement loans are unsecured, your credit score is an important factor to getting approved and is a key component in determining your interest rates.