Combine First and Second Mortgages Calculator

TWO MORTGAGES OR ONE

Would replacing both loans lower the cost?

Compare keeping an existing fixed first and second mortgage with replacing both balances using one new fixed mortgage.

Example rates and costs are made up for learning. They are not live offers.

Mortgage combination assumptions

YOUR TWO CURRENT LOANS

First and second mortgage

Keep each balance, rate and remaining payoff date separate. Do not average the rates.

First mortgage balance ($)

Find the principal balance on its latest statement.

First mortgage fixed rate (%)

For 4%, enter 4. Use the note rate.

Payments left on first mortgage (months)

20 years × 12 = 240 months.

Second mortgage balance ($)

Use the second loan’s principal balance.

Second mortgage fixed rate (%)

Use this loan’s own note rate.

Payments left on second mortgage (months)

10 years × 12 = 120 months.

How many years should we compare?

Try 5 if you may sell or refinance in five years.

Optional estimated home value ($)

0 skips the debt-to-value illustration.

CURRENT INSURANCE

Mortgage insurance while keeping both

Optional. Enter 0 only when no mortgage insurance applies.

Current mortgage insurance ($/month)

Enter 0 if neither current loan has it.

Months current mortgage insurance continues

Five years × 12 = 60 months.

ONE REPLACEMENT LOAN

Combined refinance assumptions

The new mortgage repays both balances and includes entered financed costs.

New combined mortgage fixed rate (%)

Use a hypothetical rate or lender estimate.

New combined mortgage term (months)

30 years = 360 months.

Replacement costs paid in cash ($)

Fees paid separately at closing.

Replacement costs added to the loan ($)

These increase the new mortgage balance.

New mortgage insurance ($/month)

Ask the lender; enter 0 if none applies.

Months new mortgage insurance continues

Enter 0 when no new mortgage insurance applies.

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YOUR ESTIMATED COMPARISON

One payment is simpler—but is it less expensive?

Compare the starting payments, entered loan costs and total mortgage debt after the same number of years.

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