Loan Details
Keep your first mortgage and borrow against your equity
Your Home
$
$
Second Mortgage
$
$10K$1M
%
3%14%
Combined Payment (Optional)
$
Second Mortgage Payment
Fixed principal & interest
,
Monthly Payment
Breakdown
Total Interest,
Total of Payments,
Number of Payments,
First + Second Balance,
Combined Loan-to-Value,
First + Second Payment,
Estimates only. Assumes a fixed rate and a fully amortizing loan. Payment shown is principal and interest on the second mortgage only and does not include taxes, insurance, or fees. Not a commitment to lend.
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| Term | Monthly Payment | Total Interest | Total of Payments |
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How a Fixed Second Mortgage Works
A fixed second mortgage funds as a lump sum at closing with a fixed rate and a fixed payment. It sits behind your existing first mortgage, so you keep your current first mortgage and its rate in place.
Interest is charged on the full balance from day one, and every payment includes principal and interest, so the balance pays down on a set schedule. A shorter term means a higher payment but less total interest.
A fixed second mortgage is often a fit when you know the amount you need up front. If the amount is uncertain or ongoing, a HELOC may be the better fit, see the HELOC Calculator.