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. Consult a qualified professional for decisions.

What is Second Mortgage?

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

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%,.

What it does: 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); Combined LTV = (first+second)/value*100
Inputs: Second mortgage amount ($) · Annual rate (%) · Term (years) · Home value ($) · First mortgage balance ($)
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.

Calculator Inputs at a Glance

Field	What to enter
Second mortgage amount ($)	e.g. 50000
Annual rate (%)	e.g. 9
Term (years)	e.g. 15
Home value ($)	e.g. 400000
First mortgage balance ($)	e.g. 250000

All fields use the exact formulas shown below — results include step-by-step breakdowns you can verify by hand.

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.

Quick Answer

What it does: 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); Combined LTV = (first+second)/value*100

Inputs: Second mortgage amount ($) · Annual rate (%) · Term (years) · Home value ($) · First mortgage balance ($)

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.

Field

What to enter

Second mortgage amount ($)

e.g. 50000

Annual rate (%)

e.g. 9

Term (years)

e.g. 15

Home value ($)

e.g. 400000

First mortgage balance ($)

e.g. 250000

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%.