Bridge Loan Calculator
The Bridge Loan Calculator helps you to determine if a bridge loan is needed and what the payment would be if such a loan is required. It is assumed that the bridge loan (or second mortgage) is an interest only mortgage. Besides the second mortgage payment, the size of the second mortgage is calculated as well as the total payment for both mortgages.
The typical application for this calculator is when you are planning to buy a home and you have a home on the market. If you go to closing on the new home before you have closed on the first home that is up for sale, you may need to have a bridge loan until you can close on the property that is up for sale.
If this is the case, you will often be offered an interest only loan for a small amount. Of course the idea being that you pay off this second mortgage once you have the proceeds from your sale.
Here's our online bridge loan calculator.
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