This Calculator allows you to calculate an APR for a combination of first and second mortgage. 

The blended rate is the sum of all interest payments on the two mortgages over a specified period, divided by the sum of all the balances of the two mortgages over the same period. If the terms of the two mortgages are the same, the blended rate will be the same as the weighted average rate.

You are considering refinancing your 7.00% loan, which has a balance of $360,000.00, into a $324,000 first mortgage at 5.875% and a $36,000 second mortgage at 7.5%. My broker says that the blended rate of the two mortgages is 6.88%, or well below 7.125%, so that this will save me money. Is he right?"

Existing Mortgage Information

Loan Amount:	$
Interest Rate:	%
Term (Months):

Proposed 1st Mortgage Information

Loan Amount:	$
Interest Rate:	%
APR Fees Including Points:
Term (Months):

Proposed 2nd Mortgage Information

Loan Amount:	$
Interest Rate:	%
APR Fees Including Points: (Usually there are no charges for the Second Mortgage)
Term (Months):

(Accuracy and use of this calculator is not guaranteed)