Example Of Wraparound Mortgage In Real Estate
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FAQ
In a traditional home purchase, the buyer borrows money from a lender and uses it to pay the seller for the home. A wraparound mortgage is different in that the seller keeps their original loan and extends financing to the buyer.
For example, if you borrow $200,000 to buy a home and you pay off $10,000, your principal is $190,000. Part of your monthly mortgage payment will automatically go toward paying down your principal.
A wraparound tends to arise when an existing mortgage cannot be paid off. With a wraparound mortgage, a lender collects a mortgage payment from the borrower to pay the original note and provide themselves with a profit margin.
For example, if you borrow $200,000 to buy a home and you pay off $10,000, your principal is $190,000. Part of your monthly mortgage payment will automatically go toward paying down your principal.
Wraparound Mortgage Example Both Michaela and Alex agree to a $10,000 down payment and $150,000 wraparound mortgage from the seller at a 6% fixed interest rate. Alex pays Michaela monthly for the second mortgage, which Michaela uses to pay off her original mortgage and keeps the difference between the two payments.