This second mortgage loan calculator helps you determine your monthly payment based on the loan amount, interest rate, and loan term you input.

Formula

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

Example Calculation

For a $200,000 loan at 4.5% interest for 20 years, your monthly payment would be approximately $1,266.71.

Why It Matters

Calculating your second mortgage payment can help you