Blended Mortgage Rate Calculator
If you carry a 1st mortgage and a 2nd / HELOC, your true cost of borrowing is the weighted blend of those two rates — not the lower one. This calculator shows your effective combined rate and total monthly payment, the foundation for any refi-vs-keep decision.
- Computes your blended rate across 1st + 2nd liens
- Today's home equity rate auto-loaded for the 2nd
- Visual breakdown of how each loan weighs in
- Smart refi suggestion when the math says so
20+
Wholesale Lenders Shopped
20+ Yrs
Originating · LO Since 2005
OnPoint Mortgage Pro · NMLS #2134550 · Headquartered in Irvine, California · Licensed in CA, CO, FL, ID, MD, NH, SC, TX, VA · Equal Housing Lender
What a Blended Rate Actually Tells You
When you have two mortgages, the lower rate is misleading. Your real cost is the weighted blend — here's why it matters.
1
It's a Weighted Average
Each loan's rate is weighted by its balance. A small HELOC at 9% doesn't drag your blended rate up much. A large HELOC at 9% does.
2
It's Your "True Rate"
Compare blended rate against today's 1st-lien refi rate. If blended is meaningfully higher, consolidating into one new 1st mortgage usually saves money.
3
It's the Decision Anchor
Every "should I refinance?" conversation with a HELOC starts with this number. Without it, you can't tell if refi is a good idea or not.
Blended Rate = ( B1 × R1 + B2 × R2 ) ÷ ( B1 + B2 )
B = Balance, R = Rate. Each loan's rate is weighted by its share of total debt.
Worked Example: $400k First + $75k HELOC
A real scenario at the calculator's default inputs — what the blended rate actually looks like, and why it matters.
| Loan | Balance | Rate | Share of Debt | Monthly P&I |
|---|---|---|---|---|
| 1st Mortgage | $400,000 | 6.875% | 84% | $2,706 |
| 2nd / HELOC | $75,000 | 6.75% | 16% | ~$663 |
| Combined / Blended | $475,000 | 6.89% | 100% | ~$3,369 |
Now Compare to Today's 1st-Lien Refi at 5.75%
| Scenario | Effective Rate | Monthly P&I | Difference |
|---|---|---|---|
| Keep 1st + HELOC (current) | 6.89% blended | ~$3,369 | — |
| Consolidate into one 1st @ 5.75% / 30 yr | 5.75% | ~$2,773 | ~$596/mo lower |
Roughly $7,150/year saved on the same total debt, just by replacing two loans with one at today's rates. Compare your own scenario with the Debt Consolidation Calculator.
When You Actually Need This Number
A blended rate isn't an everyday calculation — but it's the central data point in three specific decisions.
Deciding to Refinance With a HELOC
Single-mortgage refi calculators ignore your HELOC entirely. Without the blended rate, you can't see whether consolidating into one 1st lien is mathematically better than leaving the HELOC alone.
Comparing Loan Offers
When a lender pitches you "5.75% on the first, 8.5% on the HELOC" vs. another lender's "6.25% on a single first" — the blended rate tells you which package is actually cheaper.
Underwriting & Ability-to-Repay
For self-employed and investor borrowers, lenders look at total debt service across all liens. Knowing your blended rate helps you understand the lender's affordability math before you apply.
Have Questions? Talk to a Licensed Loan Officer.
If your blended rate is meaningfully above today's posted 1st-lien rate, the next question is: does the consolidation math actually work after closing costs? Victor will run that for you.
Victor Santos
Senior Loan Officer · NMLS #888844 · 20+ Years
Specializes in 1st + 2nd consolidation refinances. Personal phone & email, no callback queues. Will run your actual numbers across 20+ wholesale lenders to confirm whether consolidating beats keeping both loans — and tell you straight when it doesn't.
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Blended Rate Questions Answered
What is a blended mortgage rate?
A blended rate is the weighted average interest rate across two or more mortgages on the same property. Each loan's rate is weighted by its balance, so a large 1st mortgage at a low rate plus a smaller HELOC at a higher rate produces a blended rate closer to the 1st-lien rate — but not identical to it.
Why is the blended rate different from the average of my two rates?
A simple average treats both loans equally. A blended rate weights them by balance, which is the right way to measure cost. A $400,000 first mortgage at 6.0% blended with a $50,000 HELOC at 9.0% is about 6.33% — not 7.5% (the simple average).
When is blended rate higher than my 1st-lien rate?
Almost always — HELOC and 2nd-lien rates are typically 1.5-3% higher than 1st-lien rates because they sit in second position. The bigger your HELOC relative to your 1st, the more it drags your blended rate up. A small HELOC barely moves the needle. A HELOC equal to 30% of your total debt does.
Should I consolidate if my blended rate is above today's 1st-lien rate?
Usually yes, but break-even matters. Closing costs on a cash-out refinance are typically 2-3% of the loan amount. If your monthly savings recover those costs in under 24-36 months and you plan to stay in the home longer, the consolidation wins. The calculator above gives you the blended rate; the Debt Consolidation Calculator runs the full break-even math.
Does the blended rate include closing costs or fees?
No. The blended rate is purely a math of the contract rates on each loan. Closing costs and fees affect APR (a separate calculation that includes both interest AND fees expressed as an annualized rate). When comparing a "keep two loans" scenario to a "consolidate into one" scenario, you want to look at total interest cost AND closing cost amortization, which is what a refinance calculator handles.
What if my HELOC has a variable rate?
Enter today's rate. Variable HELOC rates move with the Prime Rate — the calculator gives you your blended rate as of today. If Prime moves up, your blended rate moves up too. The variable-rate risk on a HELOC is one of the strongest reasons to consider consolidating into a fixed-rate 1st mortgage, especially in rising-rate environments.
Can I have more than two loans?
Sure — the math extends to any number of loans. The calculator above handles two because that's the most common scenario (1st + HELOC). If you have three or more liens, call us and we'll run the full picture by hand.
What's the difference between blended rate and effective rate?
"Blended rate" specifically means the weighted average of rates across multiple loans. "Effective rate" is broader — it can include the effect of points, fees, mortgage insurance, and amortization timing on top of the contract rate. For a single loan, "effective rate" is often used interchangeably with APR. For multiple loans, "blended rate" is the right term for what this calculator does.
Send Your Scenario for a Real Analysis
Victor will run your blended rate against today's posted refi rates across 20+ wholesale lenders and tell you whether consolidation actually saves you money after closing costs. No credit pull, no obligation.
Prefer to Talk to a Human?
Call during business hours or send your scenario for a same-business-day analysis.
(877) 870-0007Calculator Disclosures
This blended rate calculator provides estimates for educational and planning purposes. The blended rate is computed as the balance-weighted average of the rates entered — Blended = (B1R1 + B2R2) / (B1 + B2). Monthly payments are computed using the standard amortization formula based on the remaining balance, rate, and term you enter for each loan.
This calculator does not include closing costs, mortgage insurance, property taxes, homeowners insurance, or APR effects. To assess whether consolidating two loans into one is financially better, run the actual numbers through the Debt Consolidation Calculator. This calculator is NOT a loan offer, loan estimate, or commitment to lend.
Variable-rate HELOCs change rate with the Prime Rate. The blended rate shown is based on the rate you enter at this moment; if your HELOC is variable, future rate changes will move your blended rate. Fixed-rate consolidation eliminates this variability — one of the strongest non-rate-savings arguments for refinancing.
OnPoint Mortgage Pro · NMLS #2134550 · Equal Housing Lender. Licensed in California, Colorado, Florida, Idaho, Maryland, New Hampshire, South Carolina, Texas, and Virginia. All loans subject to credit approval. Rates and program details current as of 2026 and subject to change.