Mortgage calculators are great tools for helping you stay within your budget when finding a new home, helping you determine the loan principal, compound interest and a regular payment schedule to pay back the loan. While they might be perfect for home buyers, couples looking for a construction loan to upgrade their existing home might have more difficulty calculating how much to put down, as well as their monthly payments. That’s why Ed Currie and his team created a construction loan calculator, and just like a mortgage calculator, it helps you easily figure out how to get the loan you need that fits your budget.
How Does It Work?
Like mortgage calculators, Ed’s easy-to-use construction loan calculator uses certain variables to help you determine the down payment and regular monthly costs for paying back your construction loan. It shares some of the same features as mortgage calculators, including adjustable interest rates and total interest paid, but because construction loans are a little different than mortgages, there are a number of features that make this calculator unique.
Because construction loans vary depending on the nature of the project, whether you’re buying the property or already own, it plays a significant factor in what type of loan you get, how much your initial down payment will be, and how your payment plan is structured. This is the first question the calculator takes into account with a simple yes or no question. Your response helps provide information that allows the program to calculate your costs with greater accuracy, namely the valuation of the property or home. Once that’s been determined all it takes are a few easy steps to get the information you need for your loan.
My construction loan calculator is designed to be user-friendly, so you can get your loan information as quickly as possible. Rather than have you answer lots of complex questions, all it takes is a few simple answers and you’re ready to go. Either by entering the data or using a sliding scale, all you have to do is include how much you owe on the property, the cost of the project, and how long the project will take to complete. Once you’re finished you’ll know exactly how much you have to put down and how much to borrow.
Breaking down your monthly payments is even easier. All it takes is entering the interest rate on your loan. As soon as that’s done your initial interest payment, final interest payment, along with your principal and interest payments are quickly broken down for easy budgeting.
Ed’s construction loan calculator is a great way to get started on your next project, and he’s ready to help you the rest of the way. He’s ready to discuss loan options and restructuring so you can get the financing you need to get your project underway. Schedule an appointment today for a free consultation. Check us out on Facebook, Twitter, LinkedIn, Pinterest or Instagram for our latest tips and updates!