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Piggyback second mortgage calculator

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Piggyback second mortgage

This calculator computes the total mortgage monthly payment with Piggyback Second Mortgage option. The borrower can elect this mortgage option to avoid paying Private Mortgage Insurance (PMI). Basically, the borrower pays second mortgage without PMI. The PMI is required for any mortgage with less than twenty percent down payment. Three common types are 80/10/10, 80/15/5, and 80/20/0. The three numbers represents the percentage of first mortgage, second mortgage, and down payment. For example, the 80/10/10 means eighty percent first mortgage, ten percent second mortgage, and ten percent down payment. Mortgage Lenders usually offer ten percent. A few Mortgage Lenders offer fifteen or twenty percent second mortgage without PMI. This piggyback second mortgage calculator is also one of our mortgage calculators.

Enter values that implies your situation
Total Mortgage Amount: $ Click here for mortgage term definition
Mortgage Term: years Click here for mortgage term definition
First Mortgage Interest Rate: % Click here for mortgage term definition
Second Mortgage Interest Rate: % Click here for mortgage term definition
Piggy Second Mortgage Type: Click here for mortgage term definition

Mortgage Calculator Definition of Terms

Total Mortgage Amount

It is the amount that the borrower wishes to borrow. For example, 250000.

Mortgage Term

The number of years to amortized the mortgage loan. For example, 20, 25, or 30 years are common

First Mortgage Interest Rate

The percentage of an amount of money which is paid for the first mortgage use for a specified time. For example, 5.25 quotes by lender

Second Mortgage Interest Rate

The percentage of an amount of money which is paid for the second mortgage use for a specified time. For example, 5.25 quotes by lender

Piggyback Second Mortgage Type

The percentage of first mortgage, second mortgage, and down payment. For example, 80/10/10 means 80% first mortgage, 10% second mortgage, and 10% down payment.

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Information and calculation provided on this mortgage calculators website is for general purposes only. It is not intended to take the place of advice from your mortgage brokers.