Calculator · Build and rehab

Construction draw schedule calculator

Track a construction loan line by line. Enter budgets, change orders, amounts billed and inspected progress to see retainage, what is left to draw, any equity gap and which lines run ahead of the work. Results update as you type.

Loan

Loan amount available for construction

RetainagePercent held back from each draw until completion.

Fee per draw

Over-draw tolerancePercentage points a line may be drawn ahead of inspected progress.

Borrower equity contributed

Draw status

Number of funded drawsA fee is charged on each.

Billed but not yet fundedGross of pending draws.

Line 1: Permits and fees

Original budget, line 1

Change orders, line 1Can be negative.

Billed to date, line 1

Inspected % complete, line 1

Line 2: Demolition and site prep

Original budget, line 2

Change orders, line 2Can be negative.

Billed to date, line 2

Inspected % complete, line 2

Line 3: Foundation and concrete

Original budget, line 3

Change orders, line 3Can be negative.

Billed to date, line 3

Inspected % complete, line 3

Line 4: Framing and lumber

Original budget, line 4

Change orders, line 4Can be negative.

Billed to date, line 4

Inspected % complete, line 4

Line 5: Roofing

Original budget, line 5

Change orders, line 5Can be negative.

Billed to date, line 5

Inspected % complete, line 5

Line 6: Windows and doors

Original budget, line 6

Change orders, line 6Can be negative.

Billed to date, line 6

Inspected % complete, line 6

Line 7: Plumbing rough and finish

Original budget, line 7

Change orders, line 7Can be negative.

Billed to date, line 7

Inspected % complete, line 7

Line 8: Electrical

Original budget, line 8

Change orders, line 8Can be negative.

Billed to date, line 8

Inspected % complete, line 8

Line 9: HVAC

Original budget, line 9

Change orders, line 9Can be negative.

Billed to date, line 9

Inspected % complete, line 9

Line 10: Insulation and drywall

Original budget, line 10

Change orders, line 10Can be negative.

Billed to date, line 10

Inspected % complete, line 10

Line 11: Kitchen cabinets and counters

Original budget, line 11

Change orders, line 11Can be negative.

Billed to date, line 11

Inspected % complete, line 11

Line 12: Flooring and paint

Original budget, line 12

Change orders, line 12Can be negative.

Billed to date, line 12

Inspected % complete, line 12

Line 13: Landscaping and cleanup

Original budget, line 13

Change orders, line 13Can be negative.

Billed to date, line 13

Inspected % complete, line 13

Line 14: Contingency

Original budget, line 14

Change orders, line 14Can be negative.

Billed to date, line 14

Inspected % complete, line 14

Results

Updates as you type. The formulas are under "How this is calculated" below.

Revised construction budget
Percent of budget billed
Weighted inspected % complete
Loan still available to draw
Equity gap
All lender checks

Draws

Billed to date (all draws)
Funded draws, gross
Retainage held on funded draws
Fees on funded draws
Funded draws, net received
Budget remaining to bill
Percent of loan funded
Budget above the loan (cash you must bring)

Lender checks

Lines drawn ahead of work
Lines over budget
Billed exceeds loan commitment
Loan left plus equity short of cost to complete

By line item

1. Permits and fees: budget, drawn, left, ,
2. Demolition and site prep: budget, drawn, left, ,
3. Foundation and concrete: budget, drawn, left, ,
4. Framing and lumber: budget, drawn, left, ,
5. Roofing: budget, drawn, left, ,
6. Windows and doors: budget, drawn, left, ,
7. Plumbing rough and finish: budget, drawn, left, ,
8. Electrical: budget, drawn, left, ,
9. HVAC: budget, drawn, left, ,
10. Insulation and drywall: budget, drawn, left, ,
11. Kitchen cabinets and counters: budget, drawn, left, ,
12. Flooring and paint: budget, drawn, left, ,
13. Landscaping and cleanup: budget, drawn, left, ,
14. Contingency: budget, drawn, left, ,

How to use this calculator

Enter the loan amount, the retainage percent, the fee per draw and the borrower equity. Your loan agreement has these terms.
For each of the 14 lines, enter the original budget, any change orders (use a negative number for a cut) and the amount billed so far.
Enter the inspected percent complete for each line, from the inspector's report. Use 0 for work not started.
Enter how many draws have been funded and how much is billed but not yet funded.
Read the summary: revised budget, percent billed, loan still available and any equity gap.
Check the lender checks and the by-line list for lines drawn ahead of the work or over budget.

Worked example

The page opens on a $151,000 construction loan with 10% retainage, a $150 fee per draw, 5 points of tolerance and $40,000 of borrower equity. Three draws are funded and $16,500 is billed but pending.

Revised budget (originals plus change orders): $191,000. Billed to date: $124,500, which is 65.2% of the budget.
Funded draws gross: $108,000. Retainage held: $10,800. Fees: $450. Net received: $96,750.
Weighted inspected completion: 63.8%. Loan still available: $43,000, with 71.5% of the loan funded.
Budget above the loan: $40,000, against $40,000 of equity, so the equity gap is $0.
Checks: 1 line drawn ahead of the work, 0 over budget. Overall status: review needed.

How this is calculated

Revised budget per line = original budget + change orders. The total revised budget is the sum of all lines.
Funded gross = billed to date - pending. Retainage held = funded gross x retainage %. Fees = fee per draw x number of funded draws.
Net received = funded gross - retainage held - fees.
Remaining to bill = revised budget - billed. Percent billed = billed / revised budget.
Weighted inspected % complete = sum of (revised budget x inspected %) / total revised budget.
Loan still available = loan - funded gross (not below 0). Budget above the loan = revised budget - loan (not below 0). Equity gap = max(0, budget above loan - equity).
A line is drawn ahead when its % drawn is more than its inspected % plus the tolerance. A line is over budget when billed exceeds its revised budget. Lines with a revised budget of 0 are skipped.
The status shows OK when no line is ahead or over, billed does not exceed the loan, and loan left plus equity covers the cost to complete.

A simplified view. The spreadsheet version tracks each draw with dates, sign-off and days to inspect. Your lender's own checks and rules decide what is actually funded.

Frequently asked questions

What is retainage on a construction loan?

It is a percentage of each draw held back until the work is finished or approved. The percent and release rules come from your loan or contract, so check your documents.

What does it mean to draw ahead of the work?

It means more has been billed on a line than the inspector says is done. Lenders usually watch for this because the money should follow completed work. A small tolerance is common, but terms vary.

How does a construction draw work?

The contractor or borrower bills for completed work, the lender usually has it inspected, then funds the draw, often minus retainage and fees. The details differ by lender.

What is the equity gap?

It is the part of the revised budget that the loan does not cover and your contributed equity does not cover either. If it is above zero, you may need more cash or a larger loan to finish.

Why do change orders matter?

They raise or cut a line's budget. Added change orders can push the total over the loan amount, which creates an equity gap even though the original plan fit.