What is a HomeStyle renovation refinance?

It refinances your existing loan and finances renovation costs in a single conventional loan, sized against the after-repair value (ARV) of the property.

How much can I finance?

The maximum loan is generally 75% of the after-repair value on a renovation refinance, subject to conventional conforming loan limits. The financed amount also includes the payoff, renovation costs, a 10% contingency reserve, interest reserves, and closing costs.

How much cash do I need?

Cash needed is the total financeable costs minus your loan amount. Increasing the ARV can increase the loan amount and reduce cash to close.

Conventional · HomeStyle Renovation Refinance

Home Improvement Loan Calculator

Refinance and fund your renovation in one loan. Estimate total project cost, your loan amount, monthly payment, and the cash needed based on the after-repair value.

Built by Jim Blackburn · NMLS #1072866 · $500M+ closed · 7× Scotsman Guide Top Producer

What type of home will this be?

Loan Balance

Renovation Costs

Estimate all labor and material costs.

As-Is Value

After Repair Value (ARV)

Estimate with sold comps in the last 6 months within a mile.

Term of Loan

Monthly Insurance

Monthly Taxes

Monthly HOA

Estimated New Interest Rate 7.00%

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Summary

Total Monthly Housing Expense$3,794

Cash Out of Pocket — without lender credit$98,964Compare lender credits at a higher rate vs. a lower rate, especially if you may sell or refinance within 5 years.

Project Cost Buildup

Total Property Costs$510,000Payoff + renovation costs + 10% contingency reserve.

6 Months Interest Reserves$17,850Prepaid interest for 6 months. No payments due during construction.

Total Financeable Allowable Costs$548,964Property costs + interest reserves + 4% estimated closing costs.

Loan & Payment

Maximum Loan Amount (LTV)$450,00075% of ARV, subject to conventional conforming loan limits.

Desired Loan Amount$450,000Cannot exceed the maximum loan amount. Increase the ARV to increase the loan amount.

Principal & Interest Payment$2,994

Monthly Insurance$300

Monthly Taxes$500

HOA Paid Separately$0

Monthly Income Target to Qualify$7,588Fannie Mae allows up to 50% DTI; Freddie Mac up to 45% with strong credit and reserves.

See My Options

Estimates only — not a commitment to lend.

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Important 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.

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Home Improvement Loan Calculator

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