Jumbo Renovation Refinance Loan Calculator
- By Jim Blackburn
- on
- Tags: Calculators, New Construction, Spec Homes
Estimate Your Monthly Payment & Upfront Costs When Refinancing and Renovating With One Jumbo Loan
If you already own a property and want to refinance your current loan while also rolling in renovation costs, a jumbo renovation refinance loan may be the ideal solution. This calculator helps you estimate your monthly payment, financeable loan amount, and out-of-pocket expenses for a large-scale project that includes both payoff and upgrades.
Project Overview
| Detail | Amount |
|---|---|
| Current Loan Balance | $900,000 |
| Soft Costs (permits, architecture, planning) | $30,000 |
| Hard Costs (labor, materials, upgrades) | $500,000 |
| After Repair Value (ARV) | $3,000,000 |
| Annual Property Taxes | $12,000 |
| Annual Homeowners Insurance | $6,000 |
| Monthly HOA Fees | $0 |
| Estimated Interest Rate (Post-renovation fixed) | 6.99% |
| Construction Phase Interest Rate (Est. +3%) | 9.99% |
Financial Breakdown
| Category | Amount |
|---|---|
| Total Project Costs(Loan payoff + reno costs + 10% contingency) | $1,480,000 |
| 6 Months Interest Reserve(Prepaid during renovation, credited if unused) | $112,388 |
| Estimated Closing Costs(Approximately 3% of total) | Included |
| Total Financeable Allowable Costs | $1,636,788 |
| Maximum Loan Amount(Lower of 75% ARV or financeable cost cap) | $1,227,591 |
| Estimated Cash to Close | $409,197 |
Monthly Payment Estimate (Post-Renovation)
| Payment Item | Amount |
|---|---|
| Principal & Interest | $8,159 |
| Monthly Insurance | $500 |
| Monthly Taxes | $1,000 |
| Monthly HOA (if any) | $0 |
| Total Monthly Housing Expense | $9,659 |
Monthly Income Needed to Qualify
To qualify for this jumbo renovation refinance, your target monthly income should be approximately $22,463, assuming a 43% debt-to-income ratio. Strong reserves and credit may offer some lender flexibility.
Time to Build Value Into Your Home
You’ve run the numbers. You know what you’re working with. Now it’s time to take the next step and turn your current home into something even greater. Whether you’re modernizing your space or preparing for resale, we’ll help you structure the perfect jumbo refinance renovation loan.
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- 💡 Takes just 5 minutes
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Schedule a CallImportant Disclaimer
This calculator is for illustrative purposes only and does not constitute financial, legal, or investment advice. Results are based on general assumptions and may not reflect actual performance or eligibility. This is not a loan estimate or approval. Please consult with a licensed mortgage advisor before making financial decisions.
