Financial glossary
Second Mortgage
In plain English
A loan secured by a home that sits behind the first mortgage in repayment priority, including home equity loans and some lines of credit.
A second mortgage is a loan secured by a home that is subordinate to the first mortgage. Home equity loans and some home-equity lines are second mortgages; their rates and repayment priority reflect that position. Compare options in the HELOC vs. home equity guide.
Related calculators
- Home Equity Loan CalculatorEstimate a fixed-rate home equity loan payment, total interest, and combined payment with your existing mortgage.
- HELOC Payment CalculatorEstimate a HELOC interest-only draw payment and the fully amortizing repayment payment, including the payment jump after the draw period.