Estimate the monthly payment and total interest for a fixed-rate loan used to pay for your remodel.
Use this calculator to see what a fixed-rate loan for a kitchen project might cost each month. Enter the amount you plan to borrow, an annual percentage rate, the term in years and any upfront fees. The tool applies the standard amortization formula and shows the monthly payment, the total interest and the total you would repay including fees.
Formula: monthly payment = P x r / (1 - (1 + r)^-n), where P is the amount borrowed, r is the monthly rate (APR divided by 12) and n is the number of monthly payments. For example, borrowing $40,000 at 8.5 percent over 10 years gives a payment of about $496 per month, or about $59,500 repaid in total before fees. These inputs are illustrative, not current market rates.
The tool fits fixed-rate personal loans and fixed-rate home equity loans. A home equity line of credit (HELOC) usually has a variable rate and an interest-only draw period, so its payment will change over time and this result will only be a rough guide. Rates depend on your credit profile, loan type, home equity and lender, so check live offers.
Limits: the calculator ignores taxes, insurance, prepayment penalties and rate changes. Compare the APR and the fee schedule of each offer, and confirm the terms with the lender in writing.
Getting Started
Compare ways to pay for a kitchen remodel, including savings, HELOCs, home equity loans, personal loans, cash-out refinancing and renovation mortgages, with a worked payment example.
