Piggyback loan calculator

Animated calculatorThere are many mortgage payment calculators on the internet, however, this loan calculator is different. You can compare two side by side loan payments, including biweekly, bimonthly and interest only and see the difference. Do interest rate matter? Less than you think. Enter the lower interest rate in Payment Option 1 and the higher interest rate in Payment Option 2, click compare and see the result. Use this loan payment calculator to compare bi-weekly, interest only mortgage loan payments and principal and interest payments. This secured loan calculator is also useful for a first and second mortgage payments on a loan; also know as tandem, piggyback, combo, etc.  Excellent tool for comparing purchase and refinance loan offers!


Mortgage Rate and Payment Comparison

Monthly Payment 1   Monthly Payment 2
Interest Rate   Interest Rate
Term   Term
Mortgage Amount   Mortgage Amount
Payment   Payment
Compare Payments  
Do interest rates matter? Less than you think. Enter the lower interest rate along with the mortgage amount and term in PAYMENT OPTION 1, and the higher interest rate mortgage amount and term in PAYMENT OPTION 2. Click on Compare Payments
1. Principal & Interest - Fully amortizing payment ( i.e. principal & interest)
2. Bi-Weekly - 1/2 of the fully amortizing monthly payment paid every two weeks
3. Interest Only - Interest only payment - no principal reduction

Are mortgage payments paid in arrears?

Yes. Mortgage payments are paid in arrears. When you make a loan payment, the interest part of the mortgage payment is based on the previous month

Can mortgage payments go up?

Yes, no or maybe. If the mortgage payment does not include the property taxes, homeowners insurance or any other cost and the interest rate is "fixed", then no. However if the payment includes property taxes, homeowner's insurance, etc., and those costs increase, then yes. Another reason for a payment increase is if the payment is based on an adjustable interest rate. Adjustable rate payments are subject to increases (or decreases) based on the terms of the loan program.

Do mortgage payments affect credit score?

Mortgage payments do affect credit scores. A mortgage payment is a strong indicator of credit wordiness. Making mortgage payments "on time" will strengthen your credit score. Late mortgage payments work against you.

Do mortgage payments change?

Mortgage payments can change (up or down) if the payment includes the property taxes, home insurance, and mortgage insurance premium, if applicable, and the cost increases or decreases.

Do mortgage payments increase with inflation?

Adjustable rate mortgages may be influenced by inflation. A fixed rate mortgage is immune to inflation

Do mortgage payments include taxes?

Most home loans include the real estate taxes.

How many mortgage payments can I miss?

Don't miss even one mortgage payment. The mortgage payment history is a significant factor in your credit score.

How much mortgage payment can I afford?

Only a skilled mortgage loan officer can determine the maximum mortgage payment. A number of factors come into play. Take a look at the debt to income calculator for a guesstimate.

When do mortgage payments start?

The first mortgage payment is due the second month after closing. For example, if you close in January, the first mortgage payment is due in March. Close in March, the first payment is due in May. Think of interest like your water bill. After you consumed the water, the water company bills you for the water. The reason that you "skip a month" is because you consumed the interest on the mortgage the previous month.