Sustainable Home Loan Comparison
Compare different financing options side by side to find the best loan for your sustainable home project in Florida.
Compare Loan Options
Adjust parameters to see how different loans compare
| Feature | Conventional Mortgage | Energy Efficient Mortgage |
|---|---|---|
| Loan Type | Conventional | Energy Efficient Mortgage |
| Home Price | $250,000 | $250,000 |
| Down Payment | $50,000 (20%) | $50,000 (20%) |
| Interest Rate | 6.5% | 6.25% |
| Loan Term | 30 years | 30 years |
| Sustainable Features | Not Included | Included |
| Sustainable Features Cost | N/A | $30,000 |
| Available Tax Credits | N/A | $9,000 |
| Monthly Utility Savings | N/A | $150 |
| Monthly Payment (P&I) | $1,264 | $1,379 |
Net Monthly Cost | $1,264 | $1,229 |
| Total Interest Paid | $255,089 | $272,514 |
30-Year Total Cost of Ownership | $505,089 | $489,514 |
Note:
This comparison tool provides estimates only and does not constitute financial advice. Actual loan terms, rates, and costs may vary. Consult with a mortgage professional for personalized advice tailored to your specific situation.
Understanding Your Loan Options
Conventional Mortgages
Standard home loans offered by private lenders, typically requiring a down payment of 5-20% and good credit. These loans can be used for sustainable homes but don't offer special terms for green features.
- Down payments typically 5-20%
- Credit score requirements usually 620+
- Can be used for any type of home
- No special provisions for sustainable features
Energy Efficient Mortgages (EEMs)
Specialized loans that factor in energy savings from efficient features. They allow you to qualify for a larger loan amount by accounting for lower utility costs in your debt-to-income ratio.
- Available through FHA, VA, and conventional loans
- Can finance energy improvements as part of the mortgage
- May offer slightly better interest rates
- Requires energy assessment
FHA and VA Loans
Government-backed loans with more flexible requirements. FHA loans require as little as 3.5% down, while VA loans (for veterans) may require no down payment. Both offer EEM options.
- Lower down payment requirements
- More flexible credit requirements
- Both offer Energy Efficient Mortgage options
- VA loans available only to eligible veterans
PACE Financing
Property Assessed Clean Energy financing allows you to finance energy improvements through an assessment on your property tax bill. The financing stays with the property if you sell.
- 100% financing with no money down
- Repaid through property tax assessment
- Available in select Florida counties
- Requires mortgage lender approval
Pro Tip: Combine Financing Options
Many Florida homeowners use a combination of financing methods to fund their sustainable homes. For example, you might use a conventional or FHA mortgage for the base home, PACE financing for solar panels, and take advantage of utility rebates for efficient appliances. Our comparison tool can help you see how different combinations affect your monthly costs.