Free calculator
Blended cost calculator
A second mortgage is often only a fifth of the total debt. See what that does to the overall cost compared with one private first mortgage, using your own quotes.
Your comparison
Second mortgage as a share of total debt
Blended annual cost, option A
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Enter your three rates to compare the two options.
General estimate only, based on the figures you enter. Not an offer of finance.
See if you qualify →What this calculator compares
Option A leaves your bank loan exactly where it is and adds a second mortgage for the extra amount. Option B pays the bank out and replaces everything with a single private first mortgage. The calculator prices each over the months you expect to hold the debt, adds the fees, and shows the difference in dollars.
Why the share matters
The smaller the second mortgage is compared with the total debt, the less its higher price counts. When it is around a fifth of the total, the bank loan is doing most of the work at its lower cost. Read the full explanation in the blended cost of a second mortgage.
What the numbers leave out
A second mortgage may need the bank's consent, which can add days, and a first mortgage means a refinance with more steps. A fixed rate or an offset account on your current loan may be worth keeping. Speed and the exit matter as much as cost. See short-term versus long-term private loans and fast second mortgages.
When you are ready, start a short enquiry. There is no credit check when you first enquire, and a person on our desk will show you both options in dollars.
Calculator questions
Why does this calculator not fill in any rates?
Because we never publish or assume rates. Enter the figures from your own statement and your own quotes, and the calculator works out the blended cost and the dollar difference for you.
What is the blended cost?
It is the average cost of all the debt on the property, weighted by how much you owe on each loan. A small second mortgage at a higher price blended with a large bank loan at a lower price gives a blended cost between the two.
Does the comparison include fees?
Yes. Enter the establishment, legal and any break or discharge fees for each option, and they are added to the interest to give a total cost in dollars over the months you will hold the debt.
Can this tell me which option to choose?
It shows which option costs less in dollars for the figures you enter. Speed, the bank's consent, features you would lose and the exit also matter, so use it as one input to the decision.
Is anything I enter saved?
No. It runs in your browser, nothing is stored or sent and there is no credit check.
Want both quotes side by side?
Tell us the property, what is owing and what you need. We will price a second mortgage and a first mortgage so you can compare them in dollars.
No credit check to enquire
Kept private, not farmed out
Decided on the property