Fixer-Upper Calculator
Calculate your renovation purchase loan payment with FHA 203k or Fannie Mae HomeStyle. See instant equity created, compare loan types side by side, and get a full cost breakdown including contingency and contractor fees.
Side-by-side comparison of all three renovation financing approaches for your $200,000 purchase + $50,000 renovation.
True all-in cost including contingency, professional fees, and temporary housing if needed during renovation.
How to Use This Fixer-Upper Calculator
This calculator is designed for owner-occupants buying a home to live in — not for investors flipping properties for profit. It covers FHA 203k and Fannie Mae HomeStyle renovation loans, the two primary tools for financing a purchase-plus-renovation.
Quick Calculator
Enter the Purchase Price (what you will pay for the home as-is), your Renovation Budget (all planned work), and the After Repair Value (ARV) — what the home will be worth after renovations. Select your loan type and down payment percentage. The calculator shows your total monthly payment including FHA MIP (if applicable), the instant equity you create, and how your cost compares to ARV.
Advanced: Loan Type Comparison
The 203k vs HomeStyle vs Cash tab compares all three financing approaches side by side for your specific numbers. See monthly payments, upfront costs, and the key trade-offs for each option.
Pro: Full Cost Breakdown
Enter the full picture — contingency reserve, HUD consultant fee (required for 203k Standard), permits, inspection, and temporary housing if you cannot live in the home during renovation. The Equity Created and vs Move-In Ready tabs show you the true financial picture.
How Renovation Loan Costs Are Calculated
Upfront MIP = Base Loan × 1.75% (added to loan balance)
Annual MIP = Financed Loan × 0.55% (paid monthly)
HomeStyle Total Loan = (Purchase Price + Renovation Budget) − Down Payment
PMI required if LTV > 80% — cancels when equity reaches 20%
Instant Equity = ARV − (Purchase Price + Renovation Budget + All Fees)
Contingency Recommended = 15% of renovation budget
The key difference: FHA 203k MIP lasts the life of the loan if your down payment is under 10%. HomeStyle PMI cancels automatically once you reach 20% equity — a significant long-term savings for borrowers who can qualify for conventional financing.
Example: First-Time Buyer Using 203k Standard
Sarah buys a distressed home in Columbus, OH
| Purchase Price (as-is) | $185,000 |
| Renovation Budget | $55,000 |
| Total Loan Base | $240,000 |
| Down Payment (3.5%) | $8,400 |
| Base Loan | $231,600 |
| Upfront MIP (1.75%) | +$4,053 (financed) |
| Total FHA Loan | $235,653 |
| Interest Rate | 7.25% (30-year) |
| P&I Payment | $1,608 |
| Annual MIP (0.55%) | +$108/mo |
| Total Monthly | $1,716 |
| ARV (after reno) | $295,000 |
| Instant Equity Created | $55,000 |
| HUD Consultant | $750 |
| Contingency (15%) | $8,250 |
Sarah paid $193,400 all-in (purchase + reno + fees) for a home worth $295,000 — creating $101,600 in equity on a $8,400 down payment. That is a 12x equity leverage on her down payment, the core financial benefit of the fixer-upper strategy.