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73 Comments on “Bridge Loan Calculator”

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  • Hello,
    We want to buy a new home. One of them is $450K. We bought our current home for $315K 10 years ago and have $264,867.97 left on our mortgage at 3.625%. Homes have increased in price in our NYC area. They rarely go down in price. I have one appraiser that hasn’t seen the inside of our home, and states if we didn’t change anything (which we have a new kitchen, roof, hot water heater, driveway, etc) then our home would be worth $330K. Similar homes in the area are going for about $400K. We really don’t have much to put down for a new home. Should we sell our current home first? Or can we somehow take the equity out of our home to buy a new house? I would love to move by the fall for the kids.

    Thank you!!

    • Hi, if I understand you, this is how you would use the calculator to answer your question:

      Purchase Price?:            $450,000.00
      Cash Available?:             $10,000.00
      First Mortgage?:            $355,000.00
      First Interest Rate?:           3.6250%
      First Term? (Months) (#):           360
      Bridge Loan Interest Rate?:     3.6250%
      Anticipated Bridge Loan Term? (#):   24

      You didn’t mention how much cash you had, you only said "we really don’t have much to put down", so I estimated you have $10,000 free cash.

      I also estimated that the first mortgage (the mortgage on the new home) would be 80% of the purchase price. That is, you would want to put 20% down – eventually, That’s where the $355,000 comes from for the new mortgage.

      Feel free of course to adjust these numbers as needed.

Comments, suggestions & questions welcomed...

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