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.
Financial Calculators from
Dinkytown.net
Your home purchase: | Total to finance $0.00 |
Loan one: | Monthly payment: $0.00 |
Loan two: | Monthly payment: $0.00 |
Total monthly payment KJE1 |
Loan Balances by Year |
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.
Interest rate
The current annual interest rate you can receive on your 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. 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 payment
Monthly principal and interest payment for the loan. If this is an interest only mortgage, this amount will be an interest only payment.