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How to Get a Second Mortgage with Bad Credit – A second mortgage is when you use the equity in your home as collateral for a second home loan. Most allow you to borrow up to 80% of the value of your home. Second mortgage rates are usually much higher than a first mortgage. Many people get a 2nd mortgage to pay off debt, make repairs or renovations.
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Second Mortgage Payment Calculator with Amortization Schedule – This calculator will calculate the monthly principal and interest payment needed to repay a home equity loan, plus calculate the total interest you will pay by the time you pay off the 2nd loan. Includes optional amortization schedule as well as an optional calculation to show you how many hours you will need to work just to pay the interest on the loan.