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Roof Financing Calculator
Are you considering a new roof? Having leaks, streaks, and popped shingles? Use our free online roof financing calculator to figure out your projected monthly payments.
A roof replacement can come out of nowhere and really leave homeowners with uncertainty of how they are even going to afford such a venture. We offer a roof replacement cost calculator with no signup required to get your estimate, and the best part is that we help you find a roofer by connecting you with top-rated roofing contractors in your local area.
The starting cost is today's national average replacement of $16,261, from 1,021,354 measured roofs.
Estimate Your Roof Financing
Monthly Payment Estimate
$330
$16,300 financed, $3,526 interest, $19,826 total
Length Of Financing (months)
Depending on the material you want to replace your roof with, the cost can vary widely, but for most families across America, this cost is something that will need a financing option in one form or another.
Many factors go into the price of a new roof such as roof pitch, facets, ridges, material, and more. Our roof pitch calculator can help with figuring out how the pitch of your roof is going to impact the overall cost of your replacement as well. Additionally, check out our solar panel cost calculator to understand the cost investment with portability! Overall, our roof loan calculator is here to help homeowners understand what they can afford and make their dream (or their immediate need) more attainable in the short term.
How do I get financing for my new roof?
Banks, credit unions, and contractors can connect you with financing for a new roof. Ask your contractor if they have information on financing options available to you. If they don't, you may want to consider either working with another contractor or reaching out to your local bank or credit union. A new roof can be an absolutely unexpected cost, which is why we developed our roof financing calculator.
What to consider when financing your new roof?
Depending on why you're considering financing your roof, it can be a projected cost or a sudden surprise. Damage, leaks, and age are all factors that can cause the need to replace a roof, and many Americans need to utilize financing options when thinking of big ticket projects like remodeling and roof replacement.
- 1
Understand your loan options.
There are quite a few options for financing to offset your roof replacement costs. Cash-out refinance, home equity loan, and private loans could all do the trick! Make sure you compare interest rates, terms, and eligibility requirements to ensure it's the best option for your situation.
- 2
Know your credit score.
Your credit score is going to be a big determining factor in the type of interest rate you'll be able to get. A higher credit score means that you are likely to get better loan conditions and a lower interest rate. If possible, make strides to pump this number up before taking the loan out.
- 3
Review interest rates.
Fixed-rate loans offer a steady interest rate throughout the loan, while variable-rate loans can fluctuate on a few different factors. Consider what risk you're able to accept and understand which interest rates you would be happiest with. Our roof financing calculator helps understand the impact a few interest points can have on the lifetime cost of your loan.
- 4
Government and local incentives.
Some roofing contractors partner with financing programs to help homeowners when these huge costs come up. Ask your roofing contractor if they partner with any local institutions that could help.
- 5
Insurance and home warranty.
Double check if your insurance or home warranty companies can cover part or even all of your roofing replacement costs. If your damage was caused by something covered in your policy, definitely reach out and ask about options for getting your roof fixed up!
Should you consider upgrading with solar roofing options?
If you're financing your new roof, you may want to consider installing solar in tandem with your project. Asphalt roofs have an average lifespan of about 25 years, just like solar panels. Or you may want to consider upgrading to solar roof shingles.
That's not even factoring in an added benefit to solar: you get an additional 30%, or $5,400, tax credit from the federal government.
Example
A new roof costs $10,000 and a 10kW solar panel system is $18,000, so you borrow $28,000 over 5 years (60 months) at 7% with no down payment.
- Roof + solar loan
- $554.43/mo
- Minus a $250 electric bill solar replaces
- $304.43/mo
- Roof only, $10,000 at 7%
- $198.01/mo
Solar for only $106.42 more per month.
Payments by Material at 8.0% APR
Every figure below is the current average replacement cost for that material on an average sized roof, financed over 5 years. Use the calculator above to try your own rate and term.
| Material | Average cost | Monthly payment | Total interest |
|---|---|---|---|
| Asphalt Shingle | $16,261 | $330 | $3,517 |
| Metal | $35,341 | $716 | $7,644 |
| Clay Terra Cotta | $34,372 | $697 | $7,435 |
| Concrete | $24,096 | $488 | $5,212 |
| Cedar Shingle | $30,386 | $616 | $6,572 |
| Flat Roof | $23,755 | $482 | $5,138 |
| Designer Shingle | $21,791 | $442 | $4,713 |
| Solar Roof | $66,615 | $1,350 | $14,409 |
| Solar Panels | $20,989 | $425 | $4,540 |
Roof Financing Questions
How much does a roof cost per month if I finance it?
What credit score do I need to finance a roof?
Is contractor financing or a home equity loan cheaper?
Are there zero interest roofing offers?
Does insurance cover a roof replacement?
Can I finance only part of the project?
Estimates only. Actual terms come from your lender and depend on credit, loan type and program fees.
Know the real number before you finance
Measure your roof first, then finance the amount your project actually costs instead of a rounded up quote.
Get Instant Estimate