This second home loan calculator helps you estimate your monthly payments based on the loan amount, interest rate, and loan term.

Loan Payment Formula

Monthly Payment = Loan Amount × Interest Rate / (1 – (1 + Interest Rate) ^ -Loan Term)

Example Calculation

For a $250,000 loan at 5.5% interest for 30 years, the monthly payment is $1,419.47.

Why It Matters

Knowing your monthly payment helps you assess affordability and plan your budget for a second home.

Smart Strategy

Consider a larger down payment or a shorter loan term to reduce your monthly payment and save on interest.

FAQs

What is the best loan term? A 15-year loan term saves more on interest, but the monthly payments are higher.

Can I refinance a second home loan? Yes, refinancing may help you lower your interest rate or change your loan term.

Second Home Loan Calculator