Compare the monthly payment and total interest of paying for a new roof or siding with a contractor plan, line of credit or personal loan.
Use this calculator to compare ways of spreading the cost of a roof or siding job: a contractor's financing plan, a personal loan, an unsecured line of credit or a home equity line of credit. Enter the amount after any deposit you pay in cash, the annual interest rate on the offer and the term.
Formula: a standard level-payment loan with monthly compounding; total paid = all monthly payments + any setup fee.
Worked example (illustrative): $15,000 at 9.99% over 5 years gives a monthly payment of about $319 and total interest of about $4,120. At an illustrative 19.99% the same loan costs about $397 a month and roughly $8,840 in interest, more than twice as much.
Limits: lines of credit usually have variable rates and interest-only minimum payments, so the real cost depends on how fast you repay. "No interest" promotions can charge deferred interest if the balance is not cleared in time; read the terms. Compare the total cost, not just the monthly figure, and see the roof financing guide.
Worked Estimates and Checklists
Compare contractor financing, personal loans, lines of credit, HELOCs and mortgage refinancing for a roof or siding job, with worked payment examples and contract risks.
