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Homebuyers choose the number of years they’d like their mortgage to last. The 30-year fixed-rate mortgage is by far the most popular, followed by the 15-year fixed-rate mortgage, but terms of 10, 20, 25, and even 40 years are available. The term that will work best for each borrower largely depends on the monthly mortgage payment they can handle and how long they plan to keep the property.

What Is a Mortgage Term?

The term is the number of years it will take to pay off a home loan if the minimum payment is made each month. Knowing how long you plan to stay in your home can affect the type of home loan that fits your situation when you shop for a mortgage — not only short or long term, but also fixed or adjustable interest rate.

Of course, every borrower’s situation is unique. But according to the National Association of Realtors®, in 2024, people who were selling homes had typically lived in the property for a decade. So it might be reasonable to expect that you’ll spend 10 years in the home unless you already know otherwise.

💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

How Mortgage Terms Work

For fixed-rate home loans, payments consist of principal and interest, with one consistent interest rate for the life of the loan. With mortgage amortization, the amount going toward the principal starts out small and grows each month, while the amount going toward interest declines each month.

A shorter term, conventional loan generally translates to higher monthly payments but less total interest paid, and a longer term, vice versa. A shorter-term loan also will have a lower interest rate. A mortgage calculator tool can show you the total amount of interest paid, which in a fixed-rate loan is predictable.

Most adjustable-rate mortgages (ARMs) also have a 30-year term. You can’t know in advance how much total interest you will pay because the interest rate changes.

How Long Can a Mortgage Term Be?

A few lenders out there offer 40-year mortgages. Qualifying is more difficult, and the rates are the highest among fixed-rate loans, while 40-year loans with adjustable rates can be unpredictable. The long term means a borrower will make the lowest possible monthly payments but pay more over the life of the loan than any other.

💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.

Fixed-Rate Mortgages vs. Adjustable-Rate Mortgages

When you’re first choosing mortgage terms or looking at different types of mortgages, start with one of the basic quesitons: Will the rate change over time or not?

A fixed-rate mortgage is exactly what it sounds like. You lock in an interest rate for the entire term. If market rates rise, yours will not.

An adjustable-rate mortgage is much more complicated. An ARM usually will have a lower initial rate than a comparable fixed-rate mortgage, and a borrower may be able to save significant cash over the first years of the loan.

But a rate adjustment can bring a spike in mortgage payments that could be hard or impossible to bear. With the most common variable-rate loan, the 5/1 ARM, the rate stays the same for the first five years, then changes once a year.

An interest-only ARM has an upside and downside. You’ll pay only the interest for a specified number of years, when payments will be small, but you will not be paying anything toward your mortgage loan balance.

An ARM may suit those who are confident that they can afford increases in monthly payments, even to the maximum amount, or those who plan to sell their home within a short period of time.

ARM seekers may want to prequalify for more than one loan and compare loan estimates. It’s a good idea to know the answers to these questions:

•   How high can the interest rates and my payment go?

•   How high can my interest rate go?

•   How long are my initial payments guaranteed?

•   How often do the rate and payment adjust?

•   What index is used and where is it published?

•   Will I be able to convert the ARM to a fixed-rate mortgage in the future, and are there any fees to do so?

•   Can I afford the highest payment possible if I can’t sell the home, or refinance, before the increase?

Comparing 15-Year and 30-Year Mortgages

Clearly, paying off a mortgage in 15 years rather than 30 sounds great. You’ll get a lower rate, pay much less total interest, and be done with house payments in half the time. The catch? Higher monthly payments. Here’s an example of how a 30- and 15-year fixed-rate mortgage might shake out, not including property taxes and insurance and any homeowners association (HOA) fees.

30-Year vs. 15-Year Fixed-Rate Mortgage

There’s a reason that the 30-year fixed-rate mortgage reigns supreme: manageable payments that ideally leave enough money for emergencies and retirement savings.

Borrowers making lower payments can always pay more toward the principal if they want to pay off the mortgage early.

Then again, borrowers with stable finances who can afford the higher payments of a 15-year home loan may find it quite appealing.

Recommended: Adjustable-Rate Mortgage (ARM) vs. Fixed-Rate Mortgage

The Takeaway

How to pick a mortgage term? Look at your budget, think about how long you plan to stay in the home, and weigh your financial goals and priorities. Consider getting prequalified so you can see what your options are.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

What is the 28% mortgage rule?

The 28% rule is a guideline commonly used by lenders that states that no more than 28% of a homebuyer’s gross income should go to cover their housing costs. In this equation, housing costs equals the homeowner’s mortgage payment, property taxes, and homeowners insurance.

Which mortgage term should I choose?

The mortgage term that’s best for you is a very individual decision. Use a mortgage calculator to see which monthly payment amount feels like the best fit in your current budget. Choose a term that yields a monthly payment amount that allows you to maintain an emergency fund and pay down any other higher-interest debt you may be facing. When in doubt, aim for the term that yields a payment within 28% of your gross monthly income when you factor in property taxes and home insurance.

Is an adjustable-rate mortgage a good idea right now?

ARMs tend to have a lower initial rate than fixed-rate loans. An ARM might be a good idea for you if you plan to sell your home in a fairly short period of time, such as five to seven years, before the rate begins to adjust. ARMs are often more popular when interest rates are forecast to decline in the future, or when home prices and interest rates are fairly high. Just be sure that you understand when the adjustable rate will start to adjust and that you know what the maximum payment might be according to the loan agreement. You’ll want to make sure you have a plan to make that larger payment if necessary.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q425-169

On a salary of $65,000 per year, as long as you have very little debt, you can afford a house priced at around $190,000. This number assumes a 6% interest rate and a standard debt-to-income (DTI) ratio of 36%. Your homeowner’s insurance, property taxes, and private mortgage insurance would be included in your monthly payment.

But there are many factors that go into home affordability beyond your $65,000 salary. Let’s take a look at how they play in concert with one another.

What Kind of House Can I Afford With $65K a Year?

Not everyone who earns $65,000 will have the same housing budget. You may qualify for a larger (or smaller) home mortgage loan, depending on a number of qualifications. These include:

•   Your DTI ratio

•   How much your down payment is

•   The cost of taxes and insurance where you live

•   What interest rate you qualify for

•   What type of loan you’re getting

•   If your lender is willing to underwrite a higher DTI level

When all is said and done, earning $65,000 may qualify some people for a home priced as high as $250,000. And if you’re buying with a partner who also has income, that changes the picture as well. You’ll need to understand how the factors on the list above affect what kind of loan you qualify for.

💡 Quick Tip: A VA loan can make home buying simple for qualified borrowers. Because the VA guarantees a portion of the loan, you could skip a down payment. Plus, you could qualify for lower interest rates, enjoy lower closing costs, and even bypass mortgage insurance.†

Understanding Debt-to-income Ratio

Your DTI ratio, quite simply, is all your monthly debt payments added together and then divided by your monthly income. If you have a lot of debt, the ratio is high. If you don’t carry a lot of debt, the ratio is low. When you’re trying to get a loan, the lower, the better.

What lenders look for is your ability to repay a mortgage. Every debt that you carry and need to repay each month takes away from what you could be putting toward a mortgage. That’s why they aim for a DTI less than 36%. It is conservative, but it ensures the borrower can meet their obligations.

For a $65,000 annual income with a monthly income of $5,416, a DTI of 36% works out to be $1,950. Your mortgage payment and all of your monthly debts, such as credit card payments, student loans, and car payments should fit within the $1,950 budget.

How to Factor in Your Down Payment

A down payment can increase home affordability in a big way. The more you’re able to put down, the higher purchase price you can qualify for. This is true especially for down payments over 20%. If you have the ability to put down that much on a home, you don’t have to pay for mortgage insurance each month, which qualifies you for a higher-priced home.

SoFi’s mortgage calculator is helpful for seeing how a down payment can affect your monthly payment and how much house you can afford.

Factors That Affect Home Affordability

A number of factors beyond your down payment and DTI ratio affect how much home you’ll be able to afford. You’ll want to take a close look at:

•   Interest rates Lower interest rates qualify you for a higher purchase price on a home. This is why borrowers seek out a mortgage refinance when rates are low. This is also why you’ll want to take great care of your credit score.

•   Credit score When your credit score is stellar, you’ll qualify for the lowest interest rates your lender can offer. This will save you a significant amount of money over the life of a loan, not to mention help you qualify for a higher mortgage. Paying less in interest means you can pay more for a home.

•   Taxes, insurance and homeowners association dues Your lender will take these numbers into account when determining how much they can lend you.

•   Loan type How much house you can afford can depend on the loan type.

•   Lender Your lender can help with home affordability. Some lenders make it possible to qualify for a higher mortgage by increasing the allowable DTI ratio — in certain cases it can be as high as as 50%.

•   Location If you’re really looking for home affordability, you might want to consider a more affordable area. Check out a list of the best affordable places to live in the U.S.

Recommended: The Cost of Living by State

How to Afford More House With Down Payment Assistance

Another of the tips to help you qualify for a mortgage: A down payment assistance (DPA) program could help you afford more house. DPAs assist with the down payment or closing costs associated with buying a home. Sometimes they come as a grant you don’t have to ever repay, and sometimes they’re underwritten as a second mortgage that may or may not need to be repaid (depending on the program).

You’ll see DPAs offered by housing authorities, either at the state or local level. You may need to be a first-time homebuyer or qualify with lower income to take advantage of these programs.

How to Calculate How Much House You Can Afford

There are some generally accepted guidelines that can help you get an idea of the amount of mortgage you’ll be able to qualify for.

The 28/36 Rule: This rule states that your home payment should not be more than 28% of your income and your total debts should not exceed 36% of your income. It’s also known as the front-end (28%) and back-end ratio (36%).

Front-end ratio (28%): At 28% of your income, a monthly housing payment from a monthly income of $5,416 should be no more than $1,517 ($5,416×.28).

Back-end ratio (36%): At 36% of your income, your debt-to-income ratio on a monthly income at $5,416, should be no more than $1,950 ($5,416×.36).

The 35/45 Rule: If your lender is more flexible, they may instead follow the 35/45 ratio, which allows for a higher mortgage payment. It’s just like the 28/36 rule, but this one allows your housing payment to be 35% of your monthly income. Your debt-to-income ratio can be as high as 45%. With a monthly income of $5,416, the housing allowance (35% of your income) increases to $1,895 and the total monthly debts (45% of your income) increases to $2,437.

If you want to skip the manual calculations, you can always use a home affordability calculator.

💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.

Home Affordability Examples

Making $65,000 a year gives you around $5,416 of monthly income, but there’s a lot of varying situations. Some people have car loans, student loans, or credit card debt. Each of these affect home affordability. Your lender’s job is to help you afford a mortgage and still meet all your monthly debt obligations.

In these examples, we use the 36% debt-to-income ratio to determine payments and home affordability. (Keep in mind that your lender may be able to qualify you for a higher amount if they’re willing to accept a higher debt load.) For each example, taxes ($2,500), insurance ($1,000), and APR (6%) remain the same for a 30-year loan term.

Example #1: Some Debt, High Down Payment

•   Monthly credit card debt: $50

•   Monthly car payment: $300

•   Student loan payment: $200

•   Total debt = $550

•   Down payment = $20,000

•   Maximum DTI ratio = $5,416 × .36 = $1,950

•   Maximum mortgage payment = $1,400 ($1,950 – $550)

•   Home affordability = $180,000

Example #2: Thrifty Saver

•   Monthly credit card debt: $0

•   Monthly car payment: $0

•   Student loan payment: $200

•   Total debt = $200

•   Down payment: $20,000

•   Maximum DTI ratio = $5,416 × .36 = $1,950

•   Maximum mortgage payment = $1,750 ($1,950 – $200)

•   Home budget = $197,000

How Your Monthly Payment Affects Your Price Range

The monthly payment you’re able to qualify for directly affects how big a mortgage you can get. With a lot of monthly debt payments, it might be tough to qualify for the home you want. Interest rates also play a huge role in what your monthly payment is going to be. Even after you’ve bought a home, you’ll want to take care of your credit so you can refinance into a lower rate when interest rates drop.

“If you have multiple debts, you want to make your minimum payments so you don’t hurt your credit score,” Kendall Meade, a Certified Financial Planner at SoFi said. “If you have cash left over after that, you should develop a strategy for which debts to pay off first,” she suggested.

Recommended: Home Loan Help Center

Types of Home Loans Available to $65K Households

Different types of mortgage loans can affect home affordability. This is due to the fact that they have different interest rates and different requirements for down payments, mortgage insurance, and creditworthiness.

•   FHA loans Federal Housing Administration loans come with required mortgage insurance, but if you have a situation where you need credit flexibility, FHA is the way to go. FHA loans allow for credit scores as low as 500, though you’ll still need to find a lender that’s willing to work with you.

•   USDA loans United States Department of Agriculture loans offer no-down-payment options and competitive APRs — but only for those who live in the right areas. They’re specifically for rural communities, but there may be some areas near you that qualify.

•   Conventional loans Conventional financing is usually one of the least expensive in terms of financing costs, but your finances need to be in order to qualify.

•   VA loans Like USDA loans, U.S. Department of Veterans Affairs loans have no-down-payment options, flexible credit requirements, and the lowest interest rates out there. If you’re a qualified servicemember or veteran, you’ll generally want to go with a VA loan because they’re so much better than the other options.

The Takeaway

Affording a home in this market is tough no matter what salary you make. If you make $65,000 a year, you’re earning more than the average single. Yet you may still have a few steps to take before you can afford a home: Think about paying down debt as this makes a big impact on how much home you can afford. Also think about making moves to improve your credit score, find down payment assistance programs, or locate a lender who can work with your situation. With the right moves, a home is within reach on a $65,000 salary.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Is $65K a good salary for a single person?

A $65,000 salary is above the real median personal income of $45,140 for a single person, according to data from the U.S. Census. While you might be doing better than most singles in terms of salary, whether you feel comfortable will depend on your lifestyle and spending habits.

What is a comfortable income for a single person?

A comfortable income for a single person is determined by your lifestyle. For some, $50,000 might be adequate. For others, $200,000 is not enough.

What is a livable wage in 2025?

A livable wage variest widely depending on where you live, according to the Living Wage Institute at the Massachusetts Institute of Technology, which estimates specific living wages among different household types in different states. For a single person in San Francisco, a living wage works out to be $30.91 per hour. In Reading, Pennsylvania, a single person could get by on $22.15. However, for a family with three kids that depends on a single earner in Dallas, Texas, the living wage is $60.57 per hour.

What salary is considered rich for a single person?

An annual income of $731,492 would help you claim a spot among the top 1% of earners, according to IRS data.

Photo credit: iStock/PeopleImages

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q425-174

Weddings are notoriously expensive, with the current median cost hovering around $10,000 according to SoFi’s most recent data. Some couples will spend multiples of that amount.

But it’s not all about the dollars and cents: Weddings are also an important and romantic day in a couple’s life. Who foots the bill for this party has changed over the years. Below, learn who pays for which wedding expenses in 2025 and beyond — and who traditionally paid in previous generations.

Who Pays for the Wedding in 2025?

In the past, it’s been the tradition for the bride’s family to pay for nearly the entire wedding, and the groom’s family to pick up smaller expenses such as the rehearsal dinner. In some cases, families still follow these traditions, but increasingly people are embracing new ways of covering these costs.

Nowadays, wedding expenses can be split any number of ways, and couples are exploring many different ways to pay for their big day:

•   Independent couples may decline help from parents and instead pay out of pocket or borrow money to cover the wedding costs.

•   Both families and the bride and groom may decide to split the costs. Sometimes grandparents or other extended family members will offer to pay for a portion of the wedding.

•   If the groom comes from a wealthier family, his parents may chip in beyond their traditional requirements.

•   Since the legalization of same-sex marriage in the United States, LGBTQ+ couples are creating their own traditions.

That’s the beauty of your wedding day: It’s yours. Many brides and grooms are embracing the fact that they no longer have to follow outdated customs if they don’t want to.

For others, however, tradition matters — and that’s okay, too. If you’re planning to follow cultural traditions when funding your wedding, how do you split the bill?

Here’s a breakdown of who traditionally pays for the wedding and other related expenses.

The Bride’s Family

Historically, the bride’s family pays for most of the wedding expenses. Depending on the size and extravagance of the wedding, it can add up.

If you’re the parents of the bride who plan to foot the bill, but you don’t have enough money in savings, it might be worth taking out a personal loan to cover the wedding expenses. In the long run, it’s typically a cheaper option than putting everything on a credit card.

While the bride’s family traditionally takes care of many of the wedding expenses they don’t pay for everything. And every wedding is a little different. You may choose to skip certain items or events (and you may find yourself adding, too). Here’s what the bride’s family typically covers:

Expenses the Bride’s Family Is Traditionally Responsible For

•   Engagement announcements

•   Engagement party

•   Wedding planner

•   Invitations, save-the-dates, and wedding programs

•   Venue for the ceremony

•   Venue for the reception

•   Flowers and decorations

•   Wedding photographer and videographer

•   Wedding dress

•   Transportation and lodging for the bridesmaids

•   Transportation and lodging for the officiant

•   Food at the reception

•   Wedding cake

•   Brunch the morning after the wedding

Recommended: Personal Loans for Wedding Financing

The Groom’s Family

If you have only sons and think you’re off the hook, don’t get too excited. You still have to cover some costs at the wedding as the parents of the groom.

Though less extensive, the groom’s family’s financial burdens can add up. Personal loans are also an option for the groom’s family; in fact, weddings are one of the most common uses for personal loans.

Here’s everything the groom’s family traditionally pays for at a wedding.

Expenses the Groom’s Family Is Traditionally Responsible For

•   Rehearsal dinner

•   Marriage license

•   Officiant’s fee

•   Boutonnieres for the groom, his groomsmen, and family members

•   Bouquets for the bride and bridesmaids

•   DJ or band

•   Transportation and lodging for the groomsmen

•   Alcohol at the reception

•   Honeymoon (in some cases)

The Bride

Many women have dreamed of their wedding days since childhood. But as little girls, they probably didn’t think much about the actual wedding costs they’d have to pay themselves — and there are quite a few.

Expenses the Bride Is Traditionally Responsible For

Traditionally, the bride pays for her future husband’s wedding ring, as well as a special gift for him. She may also buy gifts for her bridesmaids. In some cases, she’ll pay for the flowers, and she usually pays for her own hair and makeup.

Nowadays, however, brides may step up and pay more to help out her parents. Many brides choose to do this in part so that they can feel like they have more say in determining the plans for their special day.

People are also getting married later than they did in past generations (the average age for women is now 28 and for a man it’s 30), which means brides (and grooms) may feel more financially capable of covering the expenses themselves.

The Groom

The groom isn’t off the hook either. At weddings, he’s responsible for a few purchases as well.

And even though he and the bride may have separate wedding responsibilities, as a newly married couple they are likely planning to combine their finances, if they haven’t already. Even if they don’t have a joint bank account, the bride and groom are essentially covering their wedding expenses together.

Recommended: Personal Loan Calculator

Expenses the Groom Is Traditionally Responsible For

The first big expense a groom encounters is the one that sets the whole wedding in motion: the engagement ring. The average cost of an engagement ring is now about $5,200, according to the wedding website The Knot. Grooms who don’t have that kind of cash lying around often turn to engagement ring financing options, including personal loans.

While the ring is often the groom’s biggest expense, he’s also responsible for the bride’s wedding band, gifts for his groomsmen, a gift for his bride, his own tux, and the honeymoon — if his parents aren’t footing the bill. (The average cost of a honeymoon is now $5,300.)

Some grooms may also pay for the license and officiant, instead of asking his parents to cover that cost.

Who Pays for Other Wedding Costs

There is also the cost of being in someone’s wedding. For instance, groomsmen and bridesmaids are typically responsible for paying for their own tuxedos and dresses.

These two groups also pay for the bachelorette and bachelor parties for the bride and groom. Bridesmaids may also need to pay for their hair and makeup on the big day.

As someone attending a wedding, you should give a gift, unless the couple has discouraged this. And if it’s a destination wedding, you’ll have to pay your own travel costs, which can include hotels and transportation.

Wedding Costs

Now we know who traditionally pays for what at weddings — and that many modern couples are foregoing these traditions. But how much does a wedding cost?

Currently, the median cost of a wedding is $10,000, according to a recent SoFi survey. For couples who are paying without their families’ help, a personal loan is the best route, if they don’t have the money in savings or have that money earmarked for buying a house or starting a family.

Are you considering taking out a loan to cover the cost of your wedding? Research the typical personal loan requirements you’ll need for approval.

The Takeaway

Weddings are expensive, and traditions usually put the bulk of the financial burden on the bride’s family. However, many couples are breaking from tradition nowadays, paying for wedding expenses themselves or splitting the cost among family members more evenly — or in a way that reflects each family’s means. However you choose to divide the cost, ways to pay for a wedding can include savings, family contributions, and personal loans.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQs

Who pays for the wedding reception?

Traditionally, the bride’s family pays for most of the wedding reception, including the venue, food, and decorations. However, the groom’s family usually pitches in by covering the music and the alcohol. Increasingly, couples are choosing to pay for their wedding receptions themselves or splitting the cost with their parents.

Who pays for the engagement party?

The bride’s family is traditionally responsible for paying for the engagement party. Nowadays, however, engaged couples often pay for such parties on their own.

How much does a wedding cost?

The median cost of a wedding is currently around $10,000, but the average price tag can be a multiple of that, reflecting the impact of high-priced weddings on the data.

Photo credit: iStock/Halfpoint

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q425-003

The cost to replace a chimney typically ranges from $3,100 to $15,400, depending on the type and size of the chimney. As of 2025, the average expense is about $9,300, according to the home improvement site Angi. You can install a smaller or prefabricated chimney for $1,000 to $5,000, but a full masonry chimney replacement cost can reach $15,000 or more.

Below, explore new chimney cost factors, break down labor and materials expenses, discuss financing options, and help you determine if you might be able to replace the chimney yourself.

Chimney Replacement Costs: An Overview

How much does a chimney replacement cost? Anywhere from $3,100 to $15,400 on average, as of late 2025. A full chimney replacement is on the higher end of that range while a partial replacement — or a basic prefab chimney installation — is on the lower end.

In some cases, it might be possible to repair the chimney instead of replacing it. Chimney repair costs typically cost $455, though it varies depending on the extent of the damage.

Recommended: The Ultimate Home Maintenance Checklist

Full Chimney Replacement

A full chimney replacement costs between $5,000 and $10,000 — or up to $20,000 in some cases. Prefabricated chimneys are the lowest-cost option. You’ll pay moderate prices for a metal chimney and the highest prices for a brick chimney.

Partial Chimney Replacement (Rebuild)

You may only need to replace part of a chimney, like the stack, which extends above the roof. In other cases, you may need to pay for the repair of specific elements, like collapsing mortar, a damaged chimney crown, or a cracked flue.

Partial chimney replacement costs may typically range from $1,500 and $4,000 per job.

Recommended: Home Improvement Calculator

Chimney Installation Labor Cost

Labor makes up a large portion of the cost to replace a chimney. Depending on your geographic location, if you can reach the chimney by ladder or you need scaffolding, and the type of chimney being installed, labor rates may range from $50 to $75 or more per hour for an experienced mason.

You will usually need to hire a structural engineer before the mason can begin their work, which adds to your overall labor costs. Depending on where you live, that can cost around $300 to $800.

Chimney Installation Material Costs

Material costs vary depending on the type of chimney being replaced, rebuilt, or repaired. Prefab chimneys have lower material costs while masonry chimneys require more expensive materials like bricks and mortar.

Chimney Installation Cost Financing

Paying for a new chimney — or even a more basic chimney repair — can be difficult on a tight budget. If you don’t have the money in emergency savings, you can explore other options like:

•   A payment plan with the contractor: Ask the contractor if they can set you up with a payment plan over a set number of months, rather than requiring the full payment all at once. Costs may be higher if you go this route.

•   A credit card: Some contractors will let you pay with a credit card but be careful. Your credit card may have a high APR or annual percentage rate, and if you can’t afford to pay the full bill at the end of the month, you could end up paying a lot of interest, which will make the new chimney even more expensive.

•   A home improvement loan: Home improvement loans are a low-cost option for homeowners. These personal loans typically have a lower interest rate than your credit card, and you can choose repayment terms — often three to five years — that make sense for your budget. A personal loan can be a cost-effective way to pay for common home repair costs.

•   Home equity loans: Homeowners can also tap into their home equity with a home equity loan or home equity line of credit (HELOC).

Before you decide on the best financing option, you will want to compare the difference between home equity loans vs. home improvement loans.

Can I Replace the Chimney Myself?

A chimney replacement requires special skills and training. A lot can go wrong if you install or repair a chimney incorrectly. It could become a fire hazard or potentially collapse. No matter your DIY skills, we highly recommend hiring a qualified mason to tackle all repairs and replacements.

What Factors Impact a Chimney Replacement Price?

Several factors can impact your overall chimney replacement cost, including:

•   Permits needed: You’ll almost always need to get a permit for larger chimney replacement projects. Permit costs vary depending on your state and municipality.

•   Level of work required: Wholesale chimney replacements cost significantly more than minor work. For example, chimneys may just require some repointing or tuckpointing to keep them in good shape, or you may need to replace the crown or cap or only rebuild the stack. If you have to replace the whole chimney, it may require demolition, which can be expensive. Talk with your contractor about the extent of the work to get a better idea of the total chimney installation cost.

•   Type of chimney: Prefab chimneys are the most affordable to install. You’ll spend more to replace a metal chimney, but the most expensive type of chimney to replace is a brick one.

•   Size and location: Larger chimneys will cost more to replace than small ones. Chimneys that are easy to access (by ladder, for example) are also more affordable to repair or replace. If the positioning of the chimney makes it harder for the contractor to access, labor costs will be higher.

Signs Your Chimney Needs to Be Replaced

How do you know when it’s time to replace your chimney? Here are a few signs to watch for:

1.    Crumbling brick: If the brick is visibly crumbling or deteriorating, call a mason quickly to determine the extent of the damage and begin the repair or replacement work.

2.    Leaks: If your chimney is the source of leaks (look for water damage to the surrounding walls and ceiling), it’s time to call a contractor to look at it.

3.    Cracks: It’s good practice to have your chimney inspected each year. During the inspection, the contractor will look for large cracks. If they are found, it could be a sign that it’s time to repair or replace the chimney.

The Takeaway

Chimney replacement costs can range from $3,100 to $15,400 as of 2025 — it’s not a cheap project, but luckily, it’s also not a common one. Get your chimney inspected every year, and keep up with regular maintenance and cleaning. Unless there’s unexpected storm damage or the chimney is old, you may not have to replace the chimney the entire time you live in your home.

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FAQ

How long does it take to replace a chimney?

Basic chimney repairs can be fairly quick: A professional should be able to repair a partially damaged chimney in one to four days. Significant damage may lead to longer timelines — in some cases, it might take weeks to repair and rebuild a chimney.

Can I replace my chimney myself, or do I need to hire a professional?

Replacing and repairing a chimney requires specialized knowledge, skills, and equipment, not to mention physical strength. If you make even a small mistake when replacing your chimney, you might accidentally cause a leak, inadvertently create a fire hazard, or build a structurally unsound chimney that could collapse. Always hire a professional for this work.

What qualifications should I look for in a chimney replacement contractor?

When looking for a contractor to work on your chimney, always confirm that they are licensed and insured. You should also verify that they’re certified by the Chimney Safety Institute of America. Ask the contractors if they offer warranties or guarantees for their work and read reviews online to make sure they provide quality services. You can also ask them for references.

How do I compare quotes from different chimney replacement contractors?

When comparing quotes, look not just at the overall cost but also the timeline to ensure they can replace your chimney quickly, if needed. Also verify what is and isn’t covered in the quote. For example, has the contractor included the necessary permits, or is that a separate cost not part of the estimate?

Are there permits or inspections required for chimney replacement, and how much do they cost?

When replacing a chimney, you almost always will need to get a permit and an inspection. The costs will vary depending on where you live, but you might pay up to $800 for an inspection by a structural engineer, and permits can cost a couple of hundred dollars or more than $1,000 depending on the scope of work and location.

How often should I replace my chimney, and what factors affect its lifespan?

A well-built chimney should last several generations of homeowners. If you do replace your chimney, you likely won’t need to replace it again as long as you’re in that house.That said, certain elements may need to be repaired or replaced more frequently. Chimney liners, for instance, last 15 to 20 years, and mortar lasts 25 to 30 years. Extreme weather, like high and low temperatures, hail, and earthquakes, may shorten a chimney’s lifespan, as can exposure to water.

What are the risks of not replacing a chimney that is in disrepair?

If you ignore the signs that it’s time to replace or repair your chimney, you’re exposing your home to considerable risk. Water could more easily get into your home, leading to mold and mildew. Walls, ceilings, and floors could deteriorate over time, and the inner workings of your chimney would be exposed to rust. Eventually, your chimney might collapse, leading to much more expensive and extensive structural damage to your home.

Photo credit: iStock/AntonioSolano

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