Second Mortgage Calculator
See how much you could borrow behind your existing mortgage, what it would cost each month, and what you would actually net after fees.
$
$
$
$
%
Up to $265,000 is available at a 85% combined loan-to-value. After $8,300 in fees you would net $141,700.
Net funds you would receive
$141,700
A $150,000 second mortgage less $8,300 of lender, broker, legal and appraisal fees.
- Maximum available
- $265,000
- Monthly payment
- $1,123.75
- Combined loan-to-value
- 72.2%
- Effective annual cost
- 14.52%
At 85% combined loan-to-value
Interest only
Including fees
| Amount | |
|---|---|
| Second mortgage amount | $150,000 |
| Lender fee | −$3,000 |
| Broker fee | −$3,000 |
| Legal and appraisal | −$2,300 |
| Net to you | $141,700 |
A second mortgage sits behind your first. That extra risk is why the rate and fees are higher — but it leaves your first mortgage untouched, which can be cheaper overall than refinancing if you would face a large penalty.
Availability depends on the property, its location, your credit and the first mortgage terms. Clover Mortgage Inc. is a licensed mortgage brokerage. This calculator provides estimates for information only and is not an offer of credit, an approval, or financial advice.
Every mortgage is different. A Clover Mortgage broker can confirm what you actually qualify for across more than 50 lenders — at no cost to you.
Net funds you would receive
$141,700
Common questions
- What is combined loan-to-value?
- Every mortgage and secured loan on the property added together, divided by the property value. Second-mortgage lenders typically look at this rather than the second mortgage alone.