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

Formula for Monthly Payment

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

Example Calculation

A $250,000 loan at a 5% interest rate for 30 years would result in a monthly payment of $1,342.05 and a total interest of $183,739.25 over the life of the loan.

Why It Matters

Calculating your monthly payments and total interest will help you understand the financial commitment of your second home loan and plan your budget accordingly.