Estimates and Payment Plans for Installing a Swimming Pool

Inground Swimming Pool TypesIncorporating a pool into your backyard design can transform it into a perfect space for gatherings, recreation, and unwinding on weekends. On average, the cost to create an in-ground pool is more than $55,000, leaving many homeowners to question how they would pay for the pool.

If you’re short on funds, what do you do? Is financing for a swimming pool an option? Good news: yes. There are a few different ways to pay for a pool: a personal loan, a home equity line of credit, or a cash-out refinance. Continue reading to examine the various forms of pool financing along with its advantages and disadvantages.

A Guide to Financing a Pool

No matter your savings, you may be wondering what loans or other options are available for a backyard pool makeover. Pool financing alternatives include credit cards, pool company financing, cash-out refinancing, home equity loans, HELOCs, and home improvement loans. You should examine the pros and cons of each pool financing option, including total borrowing costs and loan eligibility. The four most prevalent pool funding methods are below. Choosing the pool loan calculators is the best idea for such loan option choices.

Financing a Pool with a Cash-Out Refinance

If your home’s equity is high, consider a cash-out refinance. Paying off part of your home’s worth builds equity. Your equity is the mortgage balance minus the current value of your home. A cash-out refinance entails getting a bigger mortgage. Your spare cash can be used for anything, even a pool installation.

Lending Money for a Pool through a Home Equity Line of Credit

Another way to financing a pool is with a HELOC. A HELOC lets you borrow against your home’s equity. The concept is similar to credit cards: the lender limits your borrowing amount and you merely need to repay it with interest. After repaying your loan, you can use the money for a “draw” period, usually five to 10 years.

Funding a Pool with a Home Equity Loan

A home equity loan gives you access to the equity you’ve built up in your property, which you may then use for whatever you need. Borrowers do not get a line of credit but rather a full payment, unlike with a home equity line of credit.

Applying for a Personal Loan

Installing a pool doesn’t always require a mortgage. An unsecured personal loan from a bank, credit union, or online lender can be used for anything, including a pool for your home. A personal loan may be an excellent option for first-time homeowners or those whose home’s worth hasn’t improved much.


Installing a new pool requires a sizable down payment, so many homeowners choose to take out loans to cover the expense. The good news is that you can finance a pool in a few different ways. A home equity loan could be a good option for funding your pool if you have a lot of equity in your house and would prefer a fixed payment schedule. A home equity line of credit (HELOC) is a good option if you have a lot of equity in your house but would like more payment flexibility. Instead, you might want to consider a personal loan for pool financing if you have decent credit but little home equity or would rather not put your house on the line.