Home Improvement Loan

Anybody have any recent experience with these? My wife and I just had a second child and need to add on to our home if we are going to stay (which we would prefer to do).

After meeting with a contractor the cost of the addition would be between 50-60k. We currently have about 25k to put down so we would need to borrow probably another 25k.

We both have good credit scores, stable jobs etc... Is it as easy as going to the bank and saying I need 25k and if so, what are approximate interest rates on these type of loans going for right now?

An online calculator says if I borrow 25k at 3.25% (just a number I made up because it is our current mortgage interest rate) the monthly payment on a 10 year loan would be about $245. Does that sounds somewhat accurate?