Second Mortgage
Lending & MortgagesAn additional loan taken against a property that already has a primary mortgage.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding second mortgage helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how second mortgage impacts your specific situation.