Blended Rate Mortgage Calculator
The Blended Rate Mortgage Calculator will help you to calculate the interest rate that you will really be paying by having a first and second mortgage. This calculator will also show you what your monthly payment will be on each mortgage, as well as showing what the total monthly mortgage payment will be for both mortgages.
Looking for more personalized rates? Compare rate quotes from lenders and brokers, then return to our Blended Rate Mortgage Calculator.
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Many home buyers are looking to put as little money as possible as a down payment. This is for several reasons, such as the high price of homes, rising interest rates, cash shortage, and the need to use their cash savings for other reasons. These situations have many buyers trying to get 100 percent mortgage financing or as close to 100 percent mortgage financing as possible. One option for borrowers to achieve this 100 percent financing is to obtain a first and a second mortgage. This blended rate mortgage calculator helps borrowers to determine the effective, or blended, interest rate that they will actually be paying if they use a first mortgage and a second mortgage in order to finance 100 percent of the purchase of their home.
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