Roof installation financing: cost breakdown & tips

Roof installation is expensive. The cost can add up depending on the type of roof you choose, as well as the size of your home. In the united states, the average homeowner spends about $8,228 on a new roof, with the range being between $5,402 and $11,080. Most people cannot afford this straight out of pocket. Luckily, there are financing options available that allow you to afford the cost of the roof over time.

What is included in the cost of roof installation?

The total price of roof installation comes down to several factors:

Our roofing contractors are experienced in ensuring the safety of the project while getting it done efficiently. We bring all the necessary equipment to get the job done. Installing a new roof is a big project that will last you years to come. A poorly installed roof can lead to leakage or further, more costly damage. We take pride in our ability to deliver you a strong, sturdy new roof.

Before beginning the project, you will need to determine which type of shingles are right for your budget and your home. Weather, cost, and the style of your home are all things to consider when determining which roof shingles are right for you. For more information on choosing the best roof shingles , check out our blog!

Financing options

When it comes to financing a roof, everyone’s financial situation is different. Financing options are up to individual needs and preferences. While some homeowners prefer to take out a loan, others would prefer to pay it off through a credit card to avoid owing a loan. There are benefits to each option, as well as setbacks. Here is a breakdown of each financing option available to finance your new roof.


If you decide to take out a loan, there are a few options available to finance your roof:

When taking out a loan, it is important to check how it affects credit scores. You should also check what the interest rate is, how long you have to pay it back, and what the interest rates are. Some borrowers may be rejected if they have a low credit score or if they have taken out another loan recently.

Personal loans

The types of personal loans available include:

  • Co-sign loans
  • Fixed-rate loans
  • Unsecured personal loans
  • Retirement loans

Co-sign loans are loans that are signed by two people if one does not have a strong enough credit history to take one out on their own. It states that if the borrower with thin credit cannot pay back the loan, the co-signer agrees to pay it back. The stronger the credit is for the co-signer, the higher your chances will be of receiving a loan.

Fixed-rate loans are loans in which the installments to pay it back remain the same for the entire duration of time it takes you to pay it back. This is a great option for someone who prefers to have consistent, steady payments. Also, you don’t have to worry about rising rates if you decide to take longer to pay back the loan.

Unsecured personal loans are mainly based on credit score. It is not backed by collateral, meaning they cannot seize your assets, such as your home or car, if you cannot pay. However, because this makes it a riskier loan than a secured one, which is backed by collateral, the interest rates tend to be higher.

If you are part of an employee-sponsored retirement plan, such as a 401k, you may have the option to take a loan out against your retirement. Because you are the contributor to your retirement funds, you are essentially taking a loan from yourself. The biggest benefit of this is that it is not taxable. The second biggest benefit is that when you pay the money back, it goes back into your retirement account, plus interest. However, if you cannot pay the loan and it defaults, it is considered a withdrawal from your account and becomes taxable.

Home equity loans

Home equity loans are essentially like second mortgages that you make monthly payments on until it is fully paid off. To qualify, you will have to have paid off a significant amount of your mortgage. Equity is what your home is worth vs. How much is left that you owe on your mortgage . For example, if you have a $300,000 home, and you have $275,000 left on your mortgage, your home equity is worth $25,000.

HUD home improvement and repair loan

HUD is the united states department of housing and urban development . They offer home improvement loans to single-family homes in need of financing options. To qualify, you must be a homeowner unable to obtain credit elsewhere, and your total family income must be 50 percent below the area’s median income.

Credit cards

If you have enough credit, this can be an option for affording your new roof. However, interest rates also come into play when considering this option. If you have a credit card with high interest rates, this may not be the option for you. Also, you must be consistent with your payments if you do not want it to affect your credit score. Taking too much credit from the amount available to you can lower your credit score and impact your finances.


It is important to note that insurance might only cover your new roof if it was damaged due to a storm, falling trees, fire, or similar reasons that would cause wear and tear. Since all homeowners are required to have homeowners insurance, this could be a viable option if your roof experienced unexpected damage.

Going through insurance means that they may refer you to certain roofing companies in the area that are covered under their plan. If you decide to choose a different, better roofing company, you will have to check if your insurance will allow it. If not, you will have to find other means of financing your roof installation.

Roofing company

Some roofing companies may offer in-house financing through a partner financial company. Through this option, they may also check your credit score to see if this option is available to you. By financing directly with the roofing company , you have the benefit of simplicity, as you will be financing with the company that performed the work and understands your unique situation.

The most important thing about financing with a roofing company is understanding the terms and conditions before agreeing to anything. If their interest rate is too high, it might be best to go with another option. If the payments are too frequent for you to afford, or too high, that could also affect your decision. Make sure that you read through the terms and conditions so you are prepared for this major financial decision.

How to find the most affordable roof

Finding the most affordable roof requires getting estimates from roofing companies and deciding which type of roof is right for your home . There are many options to choose from, depending on your area. Cypress roof offers free quotes on roof installation with no obligation .

The location of your home should come into factor when making your decision. For example, if you live in an area with a harsh and changing climate such as new england, you would need to pick a different roof than ones used in, say, the middle of the desert in arizona.

How do I find the best roofing company?

In new england, there are many roofing companies available for roof installation services, including cypress roof . We offer free quotes on roof installation, free of any obligation. Our experience spans over 35 years for commercial and residential roofing projects. We take pride in our efficiency and safety while getting the job done, delivering you a strong finished product that you can enjoy for years to come.