A full roof replacement typically runs somewhere between $8,400 and $12,600, and few homeowners have that sitting in a checking account when a roof fails. If you're weighing how to pay for the project, here's an overview of the most common financing routes and how they generally compare — not financial advice for your specific situation, but a starting point for the conversation you'll have with your lender.
Personal Loans
Personal loans are unsecured, meaning you don't have to put your home up as collateral, and they can fund in as little as one to three days. That speed comes at a cost: rates currently run roughly 8% to 24% APR, with well-qualified borrowers seeing single digits and buyers with fair credit often quoted rates in the high teens to mid-20s.
Home Equity Loans
A home equity loan is a second mortgage that gives you a lump sum against the equity in your house, at a fixed rate. Because your home secures the loan, rates tend to run lower than a personal loan — currently in the roughly 6.5% to 9% range depending on your credit and how much equity you've built up.
HELOCs
A home equity line of credit works more like a credit card secured by your home: you draw what you need, when you need it, rather than taking one lump sum. Current variable HELOC rates average around 7.4%, though they'll move with the market over the life of the loan.
Contractor Financing
Many roofing contractors, including Magothy Roofing and Exteriors, offer financing arrangements directly, sometimes with promotional 0% periods. If you can pay off the balance within that promotional window, contractor financing can be the cheapest option on this list. It's also usually the fastest to arrange, since it's built into the estimate and contract process rather than a separate loan application.
PACE Financing
PACE (Property Assessed Clean Energy) financing lets homeowners fund an energy-efficient roof replacement through a voluntary assessment added to the property tax bill. The loan is attached to the property itself rather than to you personally, which matters if you're planning to sell before the loan term ends — ask directly how a PACE balance transfers at closing before you sign up.
Choosing the Right Option
The fastest option (personal loans) usually isn't the cheapest, and the cheapest option (home equity products) usually isn't the fastest. Rates above are general market ranges as of mid-2026 and will vary by lender, credit profile, and loan-to-value ratio, so it's worth getting quotes from more than one source, including your contractor, before deciding.
Get a Free Estimate First
Before you can compare financing, you need a real number for the job. Magothy Roofing and Exteriors provides free, written estimates and can walk you through our own financing options at the same time. Call 410-793-9516 or request your estimate online.