Financial

Second Mortgage Calculator

Compare piggyback second mortgage vs PMI on a conventional loan. Calculate which option saves more money.

Using the Second Mortgage Calculator

A second mortgage allows you to borrow against your home's equity without refinancing your first loan. This calculator helps you determine the monthly payment for a Home Equity Loan (HELOAN) and see your combined monthly housing cost.

How it Works

Enter the loan amount you wish to borrow.

Input the interest rate for the second mortgage.

Enter the term length (typically 10-20 years).

Review the "Combined Monthly Payment" including your original mortgage.

Home Price ($)

First Mortgage ($)

Second Mortgage ($)

First Mortgage Rate (%)

Second Mortgage Rate (%)

PMI Rate (%)

Loan Term (years)