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Second Mortgage Rate Calculator
Check rates using a second mortgage calculator:
You can use a second mortgage calculator to see if the second mortgage rate charged is reasonable. You should clarify the following;
1. When can the company adjust the interest on the second loan rate?
2. Are there any limits to the amount of interest on the second loan rate or payments charged?
3. How many times and at what time intervals can the company change the second mortgage rate interest.
4. How will the company determine the new rate of interest or the second loan rate?
Second mortgage rates:
Second loan rates are generally higher than the first mortgage rates and the terms of the second mortgage are shorter, due to the risk of the loan. Since property prices have skyrocketed most people are going in for second mortgages with lower second mortgage rates and second loan rates.
Input
Financial Analysis
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Standard
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80% Loan
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Second
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Points Value
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$2,250.00
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$3,000.00
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$250.00
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Closing Cost
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$1,200.00
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$700.00
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$1,000.00
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Total Closing Cost
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$3,450.00
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$4,950.00
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Downpayment
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$25,000.00
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Upfront Cost
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$28,450.00
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$29,950.00
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Amount Financed
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$222,750.00
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$197,000.00
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$24,750.00
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Monthly Payment
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$1,389.67
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$1,149.64
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$215.60
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Months with PMI
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87
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0
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0
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Monthly PMI
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$93.75
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$0.00
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$0.00
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Total Monthly Payment
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$1,483.42
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$1,365.24
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Total Interest Paid
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$277,531.27
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$230,927.70
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Total PMI
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$8,156.25
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$0.00
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$0.00
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Total Payments
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$508,437.52
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$452,677.70
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DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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© 2006 Somerset Investors Corp. All rights reserved.
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