This table illustrates the cost-saving benefits of building an ICF home. Though construction costs are slightly higher, home energy and insurance savings far exceed the initial expenses.
3,000 Square Ft. Home | Wood Frame | ICF Walls | Difference | |
---|---|---|---|---|
Total Building Cost | $360,000.00 | $378,000.00 | -$18,000.00 | |
10% Down Payment (90/10 30-Year Mortgage) | $36,000.00 | $37,800.00 | -$18,00.00 | |
90% Financed | $324,000.00 | $340,200.00 | -$16,200.00 | |
7.5% Mortgage Rate | ||||
Monthly | $2,265.46 | $2,378.73 | ||
Yearly | $27,185.52 | $28,544.76 | -$1,359.24 | |
Insurance | ||||
Monthly | $90.00 | $67.50 | ||
Yearly | $1,080.00 | $810.00 | $270.00 | |
Energy Costs | ||||
Monthly | $300.00 | $120.00 | ||
Yearly | $3,600.00 | $1,440.00 | $2,160.00 | |
Savings Analysis | Wood Frame | ICF Walls | Difference (Year 1) | Difference (Year 2) |
10% Down Payment | $36,000.00 | $37,800.00 | -$1,800.00 | - |
Mortgage/Year | $27,185.52 | $28,544.76 | -$1,359.24 | -$1,359.24 |
Insurance & Energy/Year | $4,680.00 | $2,250.00 | $2,430.00 | $2430.00 |
-$729.24 | $1,070.76 | |||
(Year 5) | (Year 30) | |||
$1,070.76 Savings Per Year | $4,283.04 | $31,052.04 | ||
Less 1st Year to Build with ICF Walls | -$729.24 | -$729.24 | ||
Savings | $3,553.80 | $30,322.80 |
On average, you will save $30,322.80 over the length of a 30-year mortgage. Apply these savings to the principal of your mortgage and save additional tens of thousands of dollars in interest.
This illustration does not take into account that utility costs will most likely continue to increase, which will actually increase your savings more than projected.