"There's just more. There's more love, there's more diapers. There's more all that stuff," he said during an interview on Wednesday. The couple has yet to reveal the name of their newborn, but Reynolds believes they "settled on the right one."
The Deadpool actor also opened up about the joy he feels when observing his almost 2-year-old daughter, James, behave as a big sister.
"It was kind of profound," he said. "I just love watching my older daughter take care of the newborn. That's been kind of neat to see."
"[Deadpool] is a character who has cancer and suddenly all of these kids were reaching out to me who had cancer, who looked up to this character who sort of, for lack of a more elegant way to describe it, flipped cancer the bird," he told ET Canada.
"And I suddenly started meeting kids from all over the place and we were hosting them on set and you start to see these guys and you think about how lucky and how privileged we are," he added. "Not only to be in the position we are, which we can have a pretty loud megaphone to raise awareness for this, but also that I am one of the lucky people that my kids are healthy and well, and I can't help but project that onto my own life. I want to do everything I can to help people who are going through this and make sure we eradicate this as much as possible."
Last month, Reynolds joked about what it's like to live in a house full of women.
"Two under two is tough!" he told Conan O’Brien. "Lot of estrogen. It feels like an American Girl Doll just took a s**t on my life. I’ll pour some cereal in the morning and there’s like a tiny shoe in there. That’s a choking hazard for me!"
The proud dad also quipped about not favoring one child over the other, saying, "It’s pretty remarkable, you know? I used to say to my wife all the time, ‘I can’t actually imagine ever loving a second child as much as I love the first.’ Then, that baby comes popping out and I acted like I was totally wrong."
For more about Reynolds and Lively's second child, watch the video below!