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How to Budget for a Tankless Water Heater

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How to Budget for a Tankless Water Heater

Swap out your old unit before the winter freeze and spread the cost over a year and a half.

VoAtlas editorial Updated · 3 min read
Typical cost $3,000 before anything else
Across the 0% window $166.67/mo 18 months, no interest

How we got that: $3,000 spread evenly across the 18-month introductory window on the Citi Simplicity® Credit Card. Checked · at the bank Carry a balance past the window and the standard APR applies to what is left.

A tankless water heater means you won't run out of hot water mid-shower. The install usually takes a day or two, but you'll want to book it before the winter rush hits. Plumbers get busy when the temperature drops, so try to schedule this during a quiet season to catch a better rate or easier scheduling.

Don't just call the first person who answers. Get at least three quotes from different local pros to make sure the $3000 estimate is actually fair for your home.

Keep in mind that the 0% period is a deadline, not a gift. If you haven't paid off the full $3000 by the time the 18 months are up, you'll start getting charged interest on whatever is left.

The steps

  1. 01

    Get multiple quotes

    Call at least three different plumbers. You need to see if that $3000 estimate is standard for your area. Comparing quotes prevents you from overpaying.

  2. 02

    Time it right

    Try to book the work in spring or summer. Plumbers are less busy when it isn't freezing outside. You might find it easier to get them on your schedule.

  3. 03

    Use your card

    You can use the Citi Simplicity® Credit Card (Citi) for the $3000. It offers 0% for 18 months on purchases and balance transfers from date of account opening. This gives us breathing room to pay it off.

  4. 04

    Do the math

    Divide the total by 18 to find your monthly target. If you spend $3000, that is $166.67 per month. Setting this up as an auto-pay helps you stay on track.

  5. 05

    Prepare the area

    Clear out the space around your current water heater. Make sure the plumber has easy access to the pipes and the electrical panel. This keeps the job moving quickly.

  6. 06

    Check the card terms before you commit

    Every figure we publish for the Citi Simplicity® Credit Card carries the date a person verified it against Citi and a link to where they checked. Intro windows and APRs change without notice, so confirm the current terms before applying.

    See Citi Simplicity® Credit Card terms →

Common questions

How much does a tankless install cost?

A typical replacement is around $3000. You'll want to get local quotes to be sure.

Will I run out of hot water?

Not with a tankless system. They heat water on demand so the supply is endless.

Can I pay it off early?

Yes. You can pay more than the minimum to clear the balance before the 18 months end.

What happens if I don't pay it all back?

You'll owe interest on the remaining balance once the promo period ends. Don't let the deadline sneak up on you.