Guides / Monthly payments
How much is the monthly payment on a $15,000 roof replacement loan?
Short answer: About $334 a month at 12% APR over 60 months, or $498 over 36 months. Your real payment depends on the APR you're offered, which ranges from 5.96% to 35.99% across lenders in our network.
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Monthly payment on $15,000, by APR and term
| APR | 36 months | 60 months | 84 months |
|---|---|---|---|
| 8% | $470 | $304 | $234 |
| 12% | $498 | $334 | $265 |
| 18% | $542 | $381 | $315 |
| 25% | $596 | $440 | $380 |
| 35.99% | $687 | $542 | $491 |
Total interest on $15,000, by APR and term
| APR | 36 months | 60 months | 84 months |
|---|---|---|---|
| 8% | $1,922 | $3,249 | $4,639 |
| 12% | $2,936 | $5,020 | $7,242 |
| 18% | $4,522 | $7,854 | $11,482 |
| 25% | $6,470 | $11,416 | $16,893 |
| 35.99% | $9,731 | $17,514 | $26,235 |
Estimates assume a fixed rate equal to the APR and no fees beyond those in the APR. Not every lender offers every term; 84-month terms are available from some lenders, such as Upgrade and Happen Bank.
What else to check before you borrow
- Origination fee: a 5% fee on $15,000 means you receive $14,250. If your roofer's quote is $15,000, request more.
- Term: 84 months lowers the payment but roughly doubles total interest compared with 36 months.
- Funding time: most lenders fund 24 to 48 business hours after final approval.
Checking your rate uses a soft credit pull. Accepting an offer and finishing a lender's application may lead to a hard inquiry.
Roof loan payment questions
Is $15,000 enough for a roof replacement?
It depends on the roof's size, pitch and material. Get at least two written quotes, then borrow enough to cover the quote after any origination fee.
Can I get a roof loan with fair credit?
Yes. Several lenders in our network work with fair credit, though rates are higher. Pre-qualifying shows your options without affecting your credit.
Is a personal loan better than roofer financing?
Not always. Roofer financing may offer a promotional rate. A personal loan gives you a fixed rate and funds you directly, so you can compare roofers freely. See contractor financing vs. personal loan.
Does a roof loan put a lien on my house?
An unsecured personal loan doesn't. Home equity loans and HELOCs do.