Blended mortgage rate calculator Keep the low rate?

Keeping a low first mortgage and adding a second? Compare the balance-weighted average rate with a cash-out refinance.

About this estimate

Multiply each balance by its rate, add those amounts, then divide by the combined balance. The bigger loan has more influence.

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Your numbers

* Required

First balance *

First rate *

Initial illustrative 4.250% interest / 4.250% APR; not a quote. This static APR applies only to the initial inputs, not your edits. Second balance *

Second rate *

Initial illustrative 9.500% interest / 9.500% APR; not a quote. This static APR applies only to the initial inputs, not your edits.

Initial illustrative inputs only. The disclosures below do not update when you edit the calculator and are not quotes, approvals, or a promise of savings. Rates change daily. Everything stays in your browser; we don't see or store it.

Illustrative initial inputs:

First lien: 4.250% interest rate · 4.250% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $2,951.64; $600,000.00 loan

Second lien: 9.500% interest rate · 9.500% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $840.85; $100,000.00 loan

Both fixed, assumed 30 years remaining; $0 new down payment, prepaid finance charges, points or recurring loan fees; property value/equity not modeled. First payments one month after single advances; no balloons. Weighted result is not a combined APR. Taxes, homeowners insurance, HOA and mortgage insurance excluded; actual housing obligations will be higher. Not a quote or approval; rates change daily.

What this tells you (and what it doesn't)

Multiply each balance by its rate, add those amounts, then divide by the combined balance. The bigger loan has more influence.

Illustrative assumptions:

First mortgage: 3.000% interest rate · 3.000% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $1,264.81; $300,000.00 loan

Second lien: 9.000% interest rate · 9.000% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $402.31; $50,000.00 loan

Combined refinance: 6.500% interest rate · 6.500% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $2,212.24; $350,000.00 loan

All fixed for 30 years from the comparison date; $0 new down payment, prepaid finance charges, points or recurring loan fees; equity/property value not modeled. First payment one month after a single advance; no balloon. Keeping the first two loans gives about 3.86% balance-weighted interest (not an APR), versus the stated refinance alternative. Taxes, homeowners insurance, HOA and mortgage insurance excluded; actual housing obligations will be higher. Not a quote or approval; rates change daily.

Assumptions

The result is balance-weighted, not payment-weighted.
It does not include fees, terms, or future rate changes.
Use it to compare structures, not to replace full loan disclosures.

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Rates, terms, and eligibility depend on credit profile, income, property, loan program, occupancy, market conditions, and underwriting approval.

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Blended mortgage rate calculator Keep the low rate?

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