Proprietary Construction Loan Calculator
People LOVE mortgage calculators. Unfortunately if you’re looking for one for construction loans, there isn’t one. So we had one created!
Just like a “regular” mortgage, people want to generally know two main things; how much do I have to put down and how much will it cost me on a monthly basis. Chicago Construction Loans' calculator does just that.
The construction loan calculations are a little different because the down payments may be different if you’re buying the property versus owning it already and whether it’s a rehab loan versus a brand new build, and the payments are unique as well. Your payments are interest only on the balance that you owe during construction. Chicago Construction Loans' calculator shows you what you initial interest only payment will be, your maximum interest only payment will be, and the principal and interest payment after your project is complete.