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Renovation Mortgage

Planning to buy a fixer-upper or fund major home improvements? The Renovation Mortgage Calculator helps you estimate your total mortgage amount, including renovation costs—so you can budget accurately and explore renovation loan options with clarity.



Renovation Mortgage Calculator

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What is Renovation Mortgage Calculator

The Renovation Mortgage Calculator is a specialized tool designed to help homebuyers and homeowners estimate the full loan amount and monthly payments when financing both the home purchase (or refinance) and renovation costs in a single mortgage. It’s commonly used with renovation loan programs like FHA 203(k), Fannie Mae’s HomeStyle® Renovation, or other construction-to-permanent loans.

This tool is ideal for buyers considering homes that need repairs or updates and for homeowners planning to remodel and refinance at the same time. Instead of taking out a separate personal loan or home equity line of credit, the renovation mortgage wraps everything into one convenient and manageable payment. This calculator ensures you understand the long-term financial impact before you commit.




How it works

Renovation Mortgage Calculator

To use the Renovation Mortgage Calculator, input the home’s purchase price or current appraised value (for refinance), estimated renovation or repair costs, down payment or existing equity, loan term, and expected interest rate. The tool then combines the home cost and renovation budget into a single total mortgage amount, calculates your estimated monthly payment, and includes taxes and insurance if desired.

For example, if you’re buying a home for ₹60,00,000 and plan to spend ₹10,00,000 on renovations, the calculator adds those costs and subtracts your down payment (say ₹7,00,000) to estimate a new loan of ₹63,00,000. It then computes your monthly EMI based on the loan amount, term (e.g., 20 years), and interest rate. This allows you to see how your renovation budget affects affordability and ensures you don’t overextend your finances during construction or remodeling.



Frequently Asked Questions

Can I finance renovations with a mortgage Toggle
Yes. Renovation mortgages like FHA 203(k) or Fannie Mae HomeStyle allow you to finance both the purchase/refinance and repairs in a single loan.
What types of renovations are eligible Toggle
Most structural, cosmetic, and functional improvements are allowed—such as kitchen remodels, roof repairs, room additions, or energy efficiency upgrades
Will the bank give me the renovation money upfront Toggle
Generally, funds for renovation are placed in an escrow account and released in stages as work is completed and verified.
Do renovation loans require special inspections Toggle
Yes. Most renovation mortgage programs require contractor estimates, lender approval of the work, and inspections at various stages of the renovation.
Is the monthly payment higher than a regular mortgage Toggle
It can be, since you’re borrowing more. However, with long-term financing, the extra renovation cost is spread out over time, keeping monthly payments manageable.