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Second Loan vs PMI
 
Input
Property Info
Home Value ($)
Additional Info
Annual PMI
Downpayment
Standard 80% Loan Second
Interest (%) (%) (%)
Loan Length (Yrs) (Yrs) (Yrs)
Points (%) (%) (%)
ClosingCost ($) ($) ($)
Financial Analysis
  Standard 80% Loan Second
Points Value $2,700.00 $3,600.00 $300.00
ClosingCost $1,200.00 $700.00 $1,000.00
Total Closing Cost $3,900.00 $5,600.00
Downpayment $30,000.00
Upfront Cost $33,900.00 $35,600.00
Amount Financed $267,300.00 $236,400.00 $29,700.00
Monthly Payment $1,394.36 $1,162.95 $250.63
Months with PMI 70 0 0
Monthly PMI $112.50 $0.00 $0.00
Total Monthly Payment $1,506.86 $1,413.57
Total Interest Paid $234,670.80 $197,673.11
Total PMI $7,875.00 $0.00 $0.00
Total Payments $509,845.80 $463,773.11
 
 
 


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