Mortgage Blend & Extend
A blended mortgage is a way of refinancing your mortgage without breaking your current mortgage and paying a prepayment penalty. With a blend and extend mortgage, you combine the interest rate from a current mortgage with the rate from a new mortgage, blending them into a new interest rate and extending the term of your mortgage. Your new blended mortgage interest rate will be somewhere between the interest rate on your current mortgage and the rate on the new mortgage.
Current Mortgage
Mortgage amount outstanding
Interest rate
Remaining term (months)
New Mortgage
Amount added to current mortgage
Interest rate on additional mortgage
New term (months)
Current Mortgage
Mortgage amount outstanding
|
200,000
|
|
3.500%
|
|
60
Input Error: Remaining term
The remaining term must be less than the new term. |
Amount added to current mortgage
Amount added
Enter $0 if the mortgage is remaining the same size.
Enter $0 if the mortgage is remaining the same size.
|
100,000
|
|
2.500%
|
| Total amount of new mortgage |
300,000
|
|
75
Input Error: New term
The new term must be greater than the remaining term. |
Mortgage Interest Rates
Current Rate
New Rate
Blended Rate
Assumptions
The mortgage interest rates are fixed for the term and the payment frequency is monthly.
Disclaimer
The mortgage interest rates are fixed for the term and the payment frequency is monthly.
Disclaimer
