Colli Real Estate

Can you help me with this percentage?

As home buyers for the first time we've just got a "80/20" loan. It is the first loan the buyer is currently split your mortgage in 2 separate (for some reason you can avoid paying PMI, the mortgage insurance policy.) Thus, the principal of the loan is 80% of the total value of the loan and the interest rate is 6%. The second loan, 20% were an interest rate of 7%. What is the real interest rate, combined? I do not know how to do this calculation. Thank you!

(.80) (6) + (.20) (7) = 4.8% + 1.4% = 6.2% is the real interest rate

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