text: For a monthly payment of $550, paying off in 10 years, you can only borrow around $50,000 (at 6.125%). So that covers your debts and repairs, but not much else. \n\nUnfortunately, depending how much you owe on your house, you probably wouldn't get a rate of 6.125%. Second mortages tend to run 8-9% or higher depending on your credit rating. This would cap your borrowing at around $45,000 to keep that $550 payment.