Bridge Loan CalculatorWith Dual Loan Payment Schedule

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41 Comments on “Bridge Loan Calculator”

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  • Selling my current house for $360,000 (owe 316k) @ a 3.185% and buying a new one for 436k. I have 40k cash but only want to put down 5%. Does this mean that it will cost me 2k a month for the loan?

    • Sorry, but I’m not following you. This calculator tells the user if they will need a bridge loan.

      In my head, it doesn’t look as if you need a bridge loan. You are buying a home for $436k and you want to put down 5%, which is $21,530. You already have more than enough cash for the 5% down payment. No bridge loan is needed. The question is, will the lender issue the loan per the terms you want?

      What question are you trying to answer?

  • Mark B Weyland says:

    I want to relocate in the same area but into a smaller house.
    I currently own my house which is worth ~$400,000.
    Due to the sellers housing market in Sarasota, I want to buy a home before selling the existing property. I hope to buy at around $300,000-350,000. I can put down a 20% deposit.
    Is a bridge loan the only option for me ?

    • Your question is about what financial products might be available to you. Those I can’t answer (I don’t know your personal situation. Nor do I know what financial products are available in your area.)

      Do you have a question about how the calculator works or the results you are getting?

  • current mortgage:
    home value: $200,000
    amount owed: $140,000
    current rate: 5%

    I want to purchase a home while I sell my current home.

    new home purchase price: $470,000
    need 5% down
    have $5,000 cash

    can I secure a bridge loan to purchase this new home?

    • Are you asking how to use the calculator?

      Since you do not have the cash required for the down payment but you do have adequate equity in your current home, a bridge loan might be a good source of funds for you.

      Your entries might look something like this. (I’ve estimated the bridge loan interest rate.)

      Purchase Price?:           $470,000.00
      Cash Available?:             $5,000.00
      First Mortgage?:           $446,500.00  (this is the mortgage amount on the new home $470,000 - 5%)
      First Interest Rate?:           5.0000%
      First Term? (Months) (#):          360
      Bridge Loan Interest Rate?:     6.0000%
      Anticipated Bridge Loan Term? (#):  24
      
  • Randy Johnson says:

    Generally how long does pre-approval take?

    • I’m only able to answer questions about the calculators on this site. Pre-approval depends on factors that I have no knowledge about, such as your credit history and even perhaps where you are located.

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