Second Mortgage Loan Calculator (Bankrate)

Second Mortgage Loan Calculator

Estimate your monthly payments, interest, and total cost of a second mortgage loan.

Loan Amount ($) Interest Rate (%) Loan Term (Years) Monthly Payment ($) Total Interest ($) Total Cost ($)

function calculateLoan(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value) * 12; if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm el.value = “”); }

This second mortgage loan calculator helps you determine your monthly payments, total interest, and the overall cost of a second mortgage over the life of the loan.

Loan Calculation Example

For a loan amount of $150,000, a 5% interest rate, and a 30-year term, your monthly payment would be approximately $805.23, with total interest paid over the term amounting to $91,883.06.

Why Use This Calculator?

A second mortgage can help you access home equity, but it’s important to know how it will impact your monthly finances and the total cost. Use this tool to make an informed decision about your loan terms.

FAQs

What is a second mortgage? A second mortgage is a loan that allows you to borrow against the equity in your home, in addition to your first mortgage.

What is the interest rate on a second mortgage? Interest rates vary based on your credit score, the amount of equity in your home, and other factors.

How long can I take a second mortgage for? Second mortgage loan terms can vary but typically range from 5 to 30 years.

Second Mortgage Loan Calculator Bankrate

Second Mortgage Loan Calculator (Bankrate)