Second Mortgage Calculator

Calculate second mortgage payments from amount, rate and term — see monthly, total interest and combined LTV.

Second Mortgage Calculator

Calculate second mortgage payments from amount, rate and term — see monthly, total interest and combined LTV.

Second mortgage amount($)

Annual rate(%)

Term (years)

Home value($)

First mortgage balance($)

Enter values above and click Calculate — results will appear here with the formula explained.

Payment = P*r*(1+r)^n/((1+r)^n-1); Combined LTV = (first+second)/value*100

How does this work?

Second mortgage is separate loan behind first. Payment amortizes over term. Combined LTV is first plus second divided by value — lenders cap at 80-90% for second.

Rates 8-12% for second, higher than first due to risk. For YMYL, combined LTV over 90% is high risk — ensure DTI still <36%.

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Disclaimer: Results are estimates for informational purposes only and do not constitute professional financial advice.

Quick Answer

Second Mortgage Calculator computes calculate second mortgage payments from amount, rate and term — see monthly, total interest and combined ltv. Formula: Payment = P*r*(1+r)^n/((1+r)^n-1). Example: With $50k second at 9% for 15y, $400k value, $250k first: payment $507/mo, combined LTV 75%,.

How to Use This Calculator

1Enter second mortgage amount, rate, term, home value and first balance.
2Calculate to see monthly payment and combined LTV.
3Keep combined LTV under 85% for approval.

Formula Used

Payment = P*r*(1+r)^n/((1+r)^n-1); Combined LTV = (first+second)/value*100

Second mortgage is separate loan behind first. Payment amortizes over term. Combined LTV is first plus second divided by value — lenders cap at 80-90% for second.

Rates 8-12% for second, higher than first due to risk. For YMYL, combined LTV over 90% is high risk — ensure DTI still <36%.

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Worked Example

With $50k second at 9% for 15y, $400k value, $250k first: payment $507/mo, combined LTV 75%, total higher than HELOC if rate fixed.

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Frequently Asked Questions

QSecond vs HELOC?

Second is fixed lump sum, HELOC is revolving line. Second has fixed payment.

QCombined LTV?

(First+second)/value. 75% is okay, 90% is high.

QDeductible?

If used for home improvement, interest may be deductible — consult tax pro.

Formula Used

Payment = P*r*(1+r)^n/((1+r)^n-1); Combined LTV = (first+second)/value*100

Second mortgage is separate loan behind first. Payment amortizes over term. Combined LTV is first plus second divided by value — lenders cap at 80-90% for second.

Rates 8-12% for second, higher than first due to risk. For YMYL, combined LTV over 90% is high risk — ensure DTI still <36%.