This mortgage calculator helps you calculate the monthly payments for a second mortgage based on your loan amount, interest rate, and loan term. Simply input the values, and the calculator will give you an estimate of your monthly payment.

How It Works

The mortgage payment is calculated using the following formula:

Monthly Payment = P * r * (1 + r)^n / ((1 + r)^n – 1)

Where:
P = Loan amount
r = Monthly interest rate (Annual interest rate / 12)
n = Loan term in months

Example Calculation

For a $100,000 loan at 5% interest for 30 years, the monthly payment would be approximately $536.82.

Why It Matters

Understanding your monthly payment for a second mortgage can help you plan your budget and make informed decisions about taking on additional debt.

FAQs

Can I pay off my second mortgage early? Yes, check with your lender for any prepayment penalties or conditions.

What happens if I miss a payment? Missing a payment can result in fees and potentially affect your credit score. Make sure to stay on top of your payments.