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How to finance a water heater replacement
Short answer: Installing a water heater averages about $1,334, with most jobs between $882 and $1,811. Tank models run $600 to $2,500 installed and tankless $1,400 to $3,900. A $2,000 personal loan at 12% APR over 36 months is about $66 a month, and most lenders fund within 24 to 48 business hours of approval.
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How much does a water heater cost?
| Type | Low | Average | High |
|---|---|---|---|
| All water heaters, installed | $882 | $1,334 | $1,811 |
| Tank | $600 | $2,500 | |
| Tankless | $1,400 | $3,900 |
Source: >Angi, 2025 data. Get at least two written quotes; prices vary by home and region.
Monthly payment examples
| Loan amount | 12% APR, 60 months | 25% APR, 60 months | 12% APR, 36 months |
|---|---|---|---|
| $1,500 | $33 | $44 | $50 |
| $2,500 | $56 | $73 | $83 |
| $4,000 | $89 | $117 | $133 |
Estimates assume a fixed rate equal to the APR. APRs across our network range from 5.96% to 35.99%.
When a personal loan makes sense for a water heater
- Your water heater failed and you need hot water now
- You're upgrading to tankless and want to spread the cost
- You'd rather not put it on a high-rate credit card
Lenders to compare
Checking your rate uses a soft credit pull. Accepting an offer and finishing a lender's application may lead to a hard inquiry.
Water heater financing questions
Can I finance a water heater with bad credit?
Some lenders in our network work with fair credit, and branch lenders like OneMain and Regional Finance make smaller loans. Rates will be higher.
What's the smallest loan I can get?
Minimums vary: Regional Finance starts at $600, Upgrade and Upstart at $1,000, OneMain at $1,500.
Is tankless worth financing?
Tankless costs more upfront but can last longer and cut energy use. Compare the total loan cost with your expected savings.