Plan with clarity
Budget a home purchase or refinance together with the work it needs. Include renovation costs, contingency and closing expenses to estimate the financing gap.
Starting values are examples, not current rates or lending terms.
No sign-up required. Calculations run in your browser. Saved scenarios last only while this page stays open.
Understand the numbers
Change an assumption above to see what moves the result. Save a scenario to compare it with your next calculation.
Put the estimate to work
Choose purchase or refinance. For a purchase, enter the price; for a refinance, enter the mortgage payoff being replaced. Add the contractor budget, contingency, project fees and closing expenses. The completed property value is a separate assumption, not the amount spent. A higher renovation budget does not guarantee an equal increase in appraised value.
The model starts with total funding needs, subtracts your available cash and caps the loan at your entered after-renovation LTV. It then shows any cash gap. A zero gap means the arithmetic fits your assumptions, not that a lender will fund the project. Some programs use different value bases, limits or eligible-cost definitions that can require more cash.
FHA 203(k), HomeStyle and other renovation options require a program-specific review. This calculator does not apply their maximum-mortgage worksheets or insurance rules. It estimates the fully funded mortgage payment and entered ownership costs. Review contractor requirements, draw inspections, payment timing, temporary housing and cost overruns. If keeping the current mortgage is important, compare a HELOC or other equity option.
Total funding needs = purchase price or mortgage payoff + work + contingency + project fees + closing costs. Additional cash gap = max(0, total funding needs − modeled loan − available cash).
A simple example. A $500,000 purchase, $100,000 work budget, $10,000 contingency and $20,000 combined project and closing costs total $630,000. An illustrative $520,000 loan cap and $100,000 available cash leave a $10,000 gap.
Sources: Fannie Mae: HomeStyle Renovation overview · Fannie Mae: HomeStyle Renovation FAQs. Calculation model reviewed September 8, 2026. Examples are hypothetical.
Common questions
Use the estimate to prepare your questions, then review the property, documentation and financing terms with a mortgage broker.
Schedule a consultationNo. It is a renovation mortgage budget estimator. It does not apply a program’s complete value basis, county loan limit, repair eligibility, insurance or maximum-mortgage worksheet. Confirm those items with the selected lender.
Enter the payoff of the mortgage being replaced, plus the renovation and closing budgets in their separate fields. Enter the expected after-renovation value in the property-value field.
The displayed mortgage payment assumes the entire modeled balance is funded and amortizing. It does not model individual draws, retained interest or a construction interest-only period. Confirm the actual payment schedule.
This tool is designed for improvements to an existing home. A ground-up development requires a separate land, construction, draw and permanent-financing analysis. Review the existing construction loan page for that financing discussion.
Discover how you can achieve your dream home through a Fannie Mae Homestyle Renovation Loan in Florida. Apply Today with Bennett Capital Partners
Read guide
Understand FHA 203(k) loans, Limited versus Standard renovation options, property eligibility, consultant roles, appraisal and repair draws before financing a project.
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