Construction Loan Calculator

At 6% interest over 30 years, a $300,000 loan costs $1,798.65 per month. Total interest over the life of the loan is $347,514.57, so $647,514.57 is paid in total. That covers principal and interest only — taxes, insurance and lender fees are extra.

At 6% interest over 30 years, a $1,800 monthly payment supports a loan of $300,224.91. That is the loan amount before any down payment — add your down payment on top for your total construction budget.

With the standard amortisation formula: monthly payment = principal x r(1+r)^n / ((1+r)^n - 1), where r is the monthly rate (annual rate / 12) and n is the number of monthly payments (years x 12). For example, $200,000 at 7% over 15 years costs $1,797.66 per month.

Yes. A construction loan is usually short-term and funds the build in stages (draws) as work is completed. When the build finishes it normally converts to a regular mortgage — confirm the conversion terms, rate and fees with your lender before you commit.