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Building is financed differently. During construction you pay interest only on what has actually been drawn, so the payment starts small and climbs as the house goes up.
A one-time-close loan converts to permanent financing at completion with a single closing — no re-qualifying, no second set of costs.
Your numbers
Your results
Permanent monthly payment (P&I)
$3,247
After conversion at completion
- Average draw-period payment
- $1,564
- Final month draw payment
- $3,129
- Interest paid during construction
- $14,080
- Total project cost
- $556,250
- Cash required at closing
- $55,625
- Loan amount
- $500,625
- Land equity credited
- $0
Interest only, rises as draws are taken
Includes $21,250 contingency
Land purchased with the loan
What happens if you change this
Your permanent payment lands at $3,247 once the home converts. During the 9-month build you pay interest only on drawn funds — starting small and reaching $3,129 in the final month, averaging $1,564 and totaling about $14,080. Buying the land through the loan means $55,625 in cash at closing. Owning the land outright would credit $110,000 toward that. The 5% contingency of $21,250 is not optional in practice — builds almost always find something.
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Estimates get you oriented. A pre-approval gets you an offer sellers take seriously.
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Questions people ask
- What is a one-time-close construction loan?
- A single loan and single closing covering the lot, the construction draws, and the permanent mortgage. You don't re-qualify or pay closing costs twice.
- Can I use land I already own as my down payment?
- Usually yes — the equity in your lot can count toward the required down payment, sometimes covering it entirely.
Estimates for education only — not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2279 · Equal Housing Opportunity.