Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage?
June 13, 2008
neffykitty asked:
We’re about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI.
We’re about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI.
If I plug the numbers into a mortgage payment calculator, the 1st mortgage payment is the same as the one on the TIL the lender provided. But the 2nd payment isn’t - the calculators all say it’s less than what the lender is saying.
Is there a different mortgage payment calculator for a 2nd?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.