What is Better: take a Second Loan or Pay PMI?
Input Information
Property Information
Home Value :
($)
Additional Information
Annual PMI :
($)
(%)
Down Payment :
5 %
10 %
15 %
Standard
80% Loan
Second Loan
Interest Rate :
(%)
(%)
(%)
Length :
Yrs
Yrs
Yrs
Points :
(%)
(%)
(%)
Closing Costs :
($)
($)
($)
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Financial Analysis (
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Standard
80% Loan
Second
Points Value :
$2,700.00
$3,600.00
$300.00
Closing Costs :
$1,200.00
$700.00
$1,000.00
Total Closing Costs :
$3,900.00
$5,600.00
Down Payment :
$30,000.00
Upfront Cost :
$33,900.00
$35,600.00
Amount Financed :
$270,000.00
$240,000.00
$30,000.00
Monthly PI :
$1,449.42
$1,216.04
$253.16
Months With PMI :
78
0
0
Monthly PMI :
$112.50
$0.00
$0.00
Monthly Payment :
$1,561.92
$1,469.20
Total Interests Paid :
$251,790.62
$213,344.38
Total PMI :
$8,775.00
$0.00
$0.00
Total Payments :
$530,559.60
$483,338.57
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