# Renovation Financing Toronto | Monthly Payment Calculator at 7% Over 10 Years | Whole House Renovation

URL: https://wholehouserenovation.ca/financing/

![Reviewing a renovation budget at a kitchen island](/images/misc/couple-hands-reviewing-renovation-budget-on-laptop.webp)

Financing Calculator

# Renovation Financing: Estimate Your Monthly Payment

See an estimated monthly payment for your renovation at 7% over 10 years, or adjust the rate and term. A written fixed price makes financing simpler because your lender knows the real number.

-   22+ Years
-   • $5M CGL + WSIB
-   • Written Warranty Registered
-   • 300+ Projects
-   • COI in 1 Business Day

## Monthly Payment Calculator

Amount to finance (CAD)  Annual interest rate (%)  Term 5 years 10 years 15 years 20 years

Estimated monthly payment

$1,741.63

Total interest

$58,995.60

Total repaid

$208,995.60

Estimate only. Whole House Renovation is not a lender; rates and terms come from your financial institution. Standard amortization with monthly compounding.

Plan Your Budget With a Fixed Price

A written fixed price makes financing simpler. Request yours.

Thanks, we got your request.

We review every request within 1 business day and will call you to book a site visit.

Pay As Work Is Done

## The 6-Draw Payment Schedule

Tier 2+ projects pay in six draws tied to milestones, so financing can be drawn as the work progresses. Tier 1 projects are paid net on completion.

1.  10% Draw 1 Design
2.  15% Draw 2 Permit-ready
3.  20% Draw 3 Demolition
4.  20% Draw 4 Rough-in
5.  20% Draw 5 Substantial completion
6.  15% Draw 6 Deficiency walkthrough

### Common ways GTA homeowners finance a renovation

-   **Home equity line of credit (HELOC).** Flexible draws that line up well with a milestone payment schedule.
-   **Mortgage refinance.** Often the lowest rate for large Tier 3 and Tier 4 projects.
-   **Renovation or purchase-plus-improvements mortgages.** Useful when buying a home that needs work.
-   **Personal savings plus a smaller loan.** Common for Tier 1 and Tier 2 kitchens and baths.

Lenders usually ask for a written scope and price. Ours is free and arrives before any design agreement. See the 

cost guide

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 for typical ranges by tier.

![](/images/hero/toronto-heritage-kitchen-with-white-oak-island-bra.webp)

Quote requests reviewed within 1 business day

## Get a Written Fixed Price Before You Commit

Tell us about your home or space. We review every request within 1 business day, visit the site and send a written scope with a hard-cap price before any design agreement.

Request a Free Written Quote

[/contact/ →](/contact/)

 

Call (647) 800-3733

[tel:+16478003733 →](tel:+16478003733)

-   Fixed price pre-design
-   $5M CGL + WSIB
-   Written warranty