Piggyback Mortgage Calculator
Enter the property price and both loan amounts and rates.
Combined monthly payment
β
Enter values above
First mortgage payment
β
Piggyback payment
β
Total loan-to-value
β
Blended interest rate
β
Piggyback interest over term
β
Worked example
With the default inputs shown below, this calculator returns the following results:
| Input | Value |
|---|---|
| Property price ($) | 400000 |
| First mortgage amount ($) | 320000 |
| First mortgage rate (%) | 6 |
| Piggyback loan amount ($) | 40000 |
| Piggyback rate (%) | 8.5 |
| Piggyback term (years) | 15 |
| Result | Value |
|---|---|
| Combined monthly payment | $2,312.46 |
| First mortgage payment | $1,918.56 |
| Piggyback payment | $393.90 |
| Total loan-to-value | 90.00% |
| Blended interest rate | 6.28% |
| Piggyback interest over term | $30,901.25 |
Values shown are produced by this page in your browser; change any input to update them.
How to use the Piggyback Mortgage Calculator
- Property price ($) β default 400000
- First mortgage amount ($) β default 320000
- First mortgage rate (%) β default 6
- Piggyback loan amount ($) β default 40000
- Piggyback rate (%) β default 8.5
- Piggyback term (years) β default 15
- Press Calculate to update the results instantly.
Frequently asked questions
To avoid mortgage insurance. If the first loan stays at 80% of value, the second loan covers the rest and no PMI is charged β but you pay a higher rate on the smaller second loan instead.
Often yes if you clear the second loan quickly, because the second loan is usually interest-only or short-term. Over many years at a high rate, PMI can work out cheaper.
It is the weighted average cost of the two loans. Compare it with a single loan rate plus PMI to judge which structure is genuinely cheaper.