Blended Rate Calculator
The calculator computes the weighted average interest rate (commonly called the blended rate) on two or three mortgages at differing interest rates: the average rate on these mortgages is 'weighted' by their respective loan amounts. 
What is the formula for calculating the weighted average interest rate? ~ How do I compute the 'real' blended rate?
When the weighted average interest rate and the 'real' blended rate are the same?
What is the formula for calculating the weighted average interest rate?
b1 = 1st Mortgage Balance b2 = 2nd Mortgage Balance b3 = 3rd Mortgage Balance 
r1 = 1st Mortgage Interest Rate r2 = 2nd Mortgage Interest Rate r3 = 3rd Mortgage Interest Rate 
tb = Total Balance = b1 + b2 + b3  
Blended Rate = (r1*b1 + r2*b2 + r3*b3)/tb 
How do I compute the 'real' blended rate?
When the weighted average interest rate and the 'real' blended rate are the same?

Note: A more accurate interest cost measure over a given period would be the blended APR.
The Mortgage Professor's website has a downloadable spreadsheet that
calculates a blended APR: Blended APR Spreadsheet.
Mortgage professionals are welcome to participate!  
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