Most lenders let your first and second mortgage together reach 80% of your home's value in big cities, and 70-75% elsewhere. So the most you can borrow is your home value times 80%, minus what you owe now. Enter your numbers below to see the maximum, the monthly interest-only payment, the fees and the APR.

Home value ($)

What you owe now ($)

Max combined loan-to-value

Second mortgage you want ($)

Interest rate (%)

Lender fee (%)

Broker fee (%)

Legal costs ($)

Appraisal ($)

Term (months)

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Most you can borrow

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Combined loan-to-value

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Monthly payment (interest-only)

-

Total fees and costs

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Cash you receive

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Total cost for the term

-

Estimated APR

Estimate only, using November 2026 rates. Your disclosure statement shows the exact APR. Renewal and discharge fees are not included.

How the calculator works

Most you can borrow = home value × max combined loan-to-value − what you owe now.
Monthly payment = loan × rate ÷ 12. Private seconds are interest-only, so the balance does not go down.
Cash you receive = loan − fees. Fees come off the top, but you pay interest on the full loan.
APR = (interest + fees) ÷ loan ÷ years. It shows the real yearly cost.

Typical second mortgage rates, November 2026

Combined loan-to-value	Rate	Lender fee
Up to 65%	9.49-10.99%	2%
65-75%	10.99-12.99%	2-3%
75-80%	12.99-14.99%	3%

Alberta is about 1% lower. Add a 1-2% broker fee. How second mortgages work, and the lenders.

Calculator questions

How much can I borrow on a second mortgage?

Usually up to 80% of your home's value minus what you owe, in big cities. On a $900,000 home with $480,000 owing, that is $240,000. Outside big cities it is closer to 70-75%.

Why is the APR so much higher than the rate?

Because the fees are paid up front and the term is short. On a small second, fixed fees can add 5-9 points to the yearly cost.

Is this calculator a quote?

No. It uses typical November 2026 ranges. Your real rate depends on your home, province and loan-to-value. A broker can give you a written range the same day.

Real people, not a call centre

Talk it through with a licensed broker before you decide

Tell us what is going on in a few lines. We call you back the same day with what lenders will say, what it costs in dollars, and how you get back to a bank. If private is the wrong tool, we say so.