Roof Financing Calculator
Last reviewed How we calculate
Many roofs are paid for with a loan, whether through the contractor, a bank or a home equity line. The monthly payment is only half the picture: the length of the loan decides how much interest you pay in total. This shows both.
Monthly payment for a roof loan
Monthly payment, total interest and total cost for a roof paid for with a fixed-rate loan.
This calculator needs JavaScript to work. The measurements below are the ones you would need to do the sum by hand.
Monthly payment
- Amount borrowed
- Total interest
- Total cost, including the down payment
- Number of payments
A standard fixed-rate loan with equal monthly payments. Fees, insurance and variable rates are not included, and this is not financial advice. Compare the full terms of each offer, including any penalty for paying early.
How the calculation works
The amount borrowed is the roof cost less the down payment. The monthly payment uses the standard formula for a fixed-rate loan with equal payments: each payment covers that month’s interest and pays off part of the balance, so the balance reaches zero with the last payment.
A worked example
A 15,000 roof with 1,500 down leaves 13,500 to borrow. At 9 per cent over 10 years that is about 171.01 a month for 120 months, with about 7,021 in interest, so the roof costs about 22,021 in all. Over 5 years the same loan costs about 280.24 a month, but only about 3,314 in interest.
Read the terms
Compare offers on the APR, the fees and the total cost rather than the monthly payment alone. Promotional 0 per cent offers often carry deferred interest: if the balance is not cleared by the end of the promotion, interest can be charged back to the start. Check too whether paying early carries a penalty. This calculator shows the arithmetic; it is not financial advice.
Frequently asked questions
Is contractor financing a good idea for a new roof?
It can be convenient, but compare its APR, fees and total cost with a loan from your bank or credit union before signing. The cheapest monthly payment is not always the cheapest loan.
What is deferred interest?
A feature of some 0 per cent promotions: if the balance is not paid in full by the end of the promotional period, interest for the whole period can be charged at once.
Can I pay off a roof loan early?
Often, but some loans charge a prepayment penalty. The loan agreement says whether yours does.