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Combination (1st + 2nd) mortgage

What this is

Blended monthly payment when you stack a second mortgage on top of the first.

Second mortgages (or B-lender top-ups) usually carry higher rates because they sit behind the first lender on title. Used to avoid CMHC insurance or bridge a down payment gap, but the blended rate is what really matters.

First mortgage

PrincipalRate (%)Years

Second mortgage

PrincipalRate (%)Years

First monthly

$2,564

Second monthly

$629

Combined monthly

$3,192

Total principal

$500,000

Blended rate

5.21%

Blended rate = principal-weighted average rate. A small second mortgage at 9% on top of a $450k first at 5% only nudges the blend by 0.4 percentage points.

Disclaimer

Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.