Purchase Plus Improvements Calculator
Financing $650,000 plus $50,000 of improvements gives a $649,530 mortgage, with a payment of $3,591.36.
Total financed mortgage
$649,530
Lending value of $700,000 less your $70,000 down payment, plus a $19,530 default insurance premium.
- Monthly payment
- $3,591.36
- Payment without the renovations
- $3,306.33
- Minimum down payment
- $45,000
- Loan-to-value on lending value
- 90.0%
The renovations add $285.03/month
The work would create about $30,000 of equity
Your after-improved value of $730,000 exceeds the $700,000 you would have in it.| Amount | |
|---|---|
| Purchase price | $650,000 |
| Improvement budget | $50,000 |
| Lending value used | $700,000 |
| Less down payment | −$70,000 |
| Plus insurance premium | $19,530 |
| Total mortgage | $649,530 |
You need to fund the work first
Improvement funds are held back by your lawyer and released only once the work is complete and, usually, inspected. You must be able to pay the contractor before the money arrives.Purchase plus improvements programs have their own eligibility criteria, budget limits and inspection requirements, which vary by lender and insurer. Clover Mortgage Inc. is a licensed mortgage brokerage. This calculator provides estimates for information only and is not an offer of credit, an approval, or financial advice.
Every mortgage is different. A Clover Mortgage broker can confirm what you actually qualify for across more than 50 lenders — at no cost to you.
Total financed mortgage
$649,530
Common questions
- Do I get the renovation money up front?
- No. Improvement funds are normally held by your lawyer and released once the work is complete and inspected, so you need to be able to fund the work first.