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Construction Budget Planner
Add up land, build, soft costs and contingency, and estimate interest during the build.
Estimated total project cost
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Estimates only, based on the numbers you enter. Not a Loan Estimate, rate quote, offer or commitment to lend. Actual terms depend on credit, property, program and market conditions.
How the interest estimate works
Construction loans usually charge interest only on the funds drawn so far. This planner assumes the construction budget (plus contingency) is drawn in equal monthly amounts and that any land financed at closing accrues interest from the start. Real draw schedules follow the builder's progress, so actual interest will differ.
Not included
Closing costs, site work not in your contract, interest reserves required by a program, or rate changes. Read the construction-to-permanent guide.
Common questions
How does interest work on a construction loan?
During the build, you usually pay interest only on the money drawn so far. As the builder finishes stages and draws are released, the balance and the interest payment grow. After construction, the loan converts to a regular mortgage payment.
How much contingency should I budget?
Many builders and lenders expect a contingency of 5% to 10% of the construction cost, and some programs require one. It covers overruns and change orders so the project doesn't stall.
Want real numbers for your scenario?
I'll run your situation against actual program guidelines and walk you through every line.
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