Second Mortgage Calculator

A second mortgage is a fixed lump sum that sits behind the loan already on the house, so the question is what the two liens cost together. Enter the home value, the balance, rate and years left on the first mortgage, and the amount, rate and term of the second, and you get the payment on the second, the two payments added up, the combined loan-to-value and the blended rate across both balances. That blended rate is the figure to hold against a cash-out refinance quote, since refinancing everything only wins if the new rate beats it. Taxes, insurance, escrow and any prepayment are left out, and a variable line of credit is a different shape of debt.