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46 thoughts on “bridge-loan-calculator

  1. We are currently building a new home in another state but our first home has not sold. It is a larger home which tends to sell more in the spring season. The builders want us to close in December. We have over 300k in equity in this house and are planning to put down 160k for the down payment of the second. My husband and I are retired but my husband is still doing contract work. Would a bridge loan be a good option for us?

    • A bridge loan is certainly designed for this scenario. However, I’m not the one that should be answering the question. Interest rates and laws, just to mention two variables, change from location to location. It is best to get local advice. That’s why I try to limit support to how a calculator is used.

  2. I’m not quite sure what the calculator means by cash available. Is it asking if you have any extra cash to put down on the new home before closing or is it asking how much equity is in the old home?
    Also, for the first mortgage blank, are they looking for the original mortgage agreement? House was originally purchased at 473k but we have 300 in equity at this point.

    • Good questions. I certainly need to update the documentation.

      The "cash available" is any cash you might have that you want to put toward the new property. This is cash-on-hand (or perhaps extra cash, though I don’t know what that is ;-), not cash from the sale of another property.

      The "first mortgage" is the new, primary mortgage amount on the property being purchased. It is called the "first mortgage" with the balloon loan being the second mortgage.

      If this doesn’t clear this up, please let me know.

  3. We are wanting to borrow about 130K to 150K to purchase a ranch style home while we sell our other house (in WV). We own two houses without mortgage except a 50K home equity on our residence property in Florida. I’m not sure seller will wait on our home to sell so we should pay cash. ——couple possible problems: the house we want to buy is just over a flood zone boundary and it will not be our primary residence (summer home). We have great credit in high 700’s and enough money in IRA to do this 4x. BUT hubby does not want to withdraw IRA money because of taxes.

  4. The house we own now is paid in full and is valued at 121,000 and we have it listed for 106,900 figured it would be a quick sale but that hasn’t happened . We found a double wide and some land for 40,000 we want. Both houses r in wv . What do I need to do first with doing a bridge loan and how much will the payments be on the bridge loan .

    • It’s not clear to me that you need a bridge loan. Do you plan to have a mortgage on the new property after you’ve sold and settled on your current house? If not, then you don’t need what is considered, in a traditional sense, a bridge loan. A "Bridege Loan" is a 2nd loan or mortgage on the NEW property that will be paid off when the 1st property is sold.

      If you plan to pay off the loan after the first property is sold, you can use this Reply

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