Second Loan vs PMI
Input
Property Info
Home Value
($)
Additional Info
Annual PMI
($)
(%)
Downpayment
5%
10%
15%
Standard
80% Loan
Second
Interest
(%)
(%)
(%)
Loan Length
(Yrs)
(Yrs)
(Yrs)
Points
(%)
(%)
(%)
ClosingCost
($)
($)
($)
Show amortization table
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