Second Home Mortgage Calculator

A second home is priced above a primary residence, needs more down, and is shut out of FHA and VA entirely, so the payment tab takes the rate you were quoted and the rate a main home would have carried and puts a figure on that gap over the whole term. The deduction tab handles the part people miss: the mortgage interest cap applies to the combined acquisition debt of both homes together, not to each loan, so it prorates the interest and shows what the cap costs you in tax. A third tab runs the section 280A day test, where renting the place out for 15 days or more can turn it into a rental property and move the interest out of the residence rules. None of it is tax advice.

Calculator Type

Purchase Price ($) *

Down Payment (%)

Conventional second home financing usually starts at 10 per cent and is priced better at 20. FHA and VA cannot be used for a second home at all.

Second Home Interest Rate (%) *

Loan Term (years)

Rate the Same Loan Would Carry on a Primary Home (%)

Leave blank to skip the comparison. The gap is typically a quarter to three quarters of a point, before the loan level price adjustment that second home occupancy adds.

Annual Property Tax ($)

Annual Insurance ($)

A coastal, mountain or seasonally empty property is often rated higher than a primary residence, and may need a separate wind or flood policy.

Monthly HOA or Resort Dues ($)

Closing Costs (% of price)

What You Already Pay on Your Main Home Each Month ($)

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