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The high price of homes has many buyers trying to get 100% or near 100% financing. One option is to acquire two mortgages. This calculator helps you determine the effective, or blended, interest rate you would pay if you use a first and a second mortgage to finance the purchase of your home.
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Definitions
- Purchase price
- The price of the home you wish to purchase. This is the total price you'll pay for this property, including any closing costs.
- Down payment
- The total amount you have available to use towards the purchase of this property.
- Loan one amount
- The total amount that will be financed by your first mortgage. Normally, your first mortgage will carry a lower interest rate than a second mortgage.
- Loan two amount
- The total amount that will be financed by your second mortgage.
- Term
- The number of years over which you will repay the loan. The most common mortgage terms are 15 years and 30 years.
- Interest only checkbox
- Check here to indicate that this mortgage will be an interest only mortgage. We assume that your interest only mortgage will have a balloon payment for the entire balance at the end of the selected term.
- Monthly payment
- Monthly principal and interest payment for the loan. If this is an interest only mortgage, this amount will be an interest only payment.
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