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Second Mortgage Calculator
Payment and combined cost of a second mortgage on your home.
Enter values to see your result
Frequently asked questions
What is a second mortgage?
A loan secured by the same home that already has a first mortgage. The new lender takes "junior lien" position — paid only after the first lender in case of foreclosure.
How is it different from a HELOC?
A second mortgage is a lump sum with fixed rate and term. A HELOC is a revolving credit line, typically variable rate, usable during a draw period. Both are junior liens.
Why would I take a second mortgage?
To avoid PMI (piggyback 80/10/10), finance a renovation, consolidate debt, or fund a major purchase while keeping your low-rate first mortgage intact.
Is interest tax-deductible?
Only if the funds are used to buy, build, or substantially improve the home that secures the loan (Tax Cuts and Jobs Act rules).