Recent Calculations
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.
The price of the home you wish to purchase. This is the total price you'll pay for this property, including any closing costs.
The total amount you have available to use towards the purchase of this property.
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.
The total amount that will be financed by your second mortgage.
The current annual interest rate you can receive on your mortgage.
The number of years over which you will repay the loan. The most common mortgage terms are 15 years and 30 years.
Check here to indicate that this mortgage will be an interest only mortgage. The tool assumes that your interest only mortgage will have a balloon payment for the entire balance at the end of the selected term.
Monthly principal and interest payment for the loan. If this is an interest only mortgage, this amount will be an interest only payment.