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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 (Switch to Plain English)

	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 :	$1,796.32	$1,216.04	$253.16
Months With PMI :	100	0	0
Monthly PMI :	$112.50	$0.00	$0.00
Monthly Payment :	$1,908.82	$1,469.20
Total Interests Paid :	$376,674.03	$213,344.38
Total PMI :	$11,250.00	$0.00	$0.00
Total Payments :	$657,913.61	$483,338.57

Plain English Help (Switch to Financial Analysis)

When you take out your home mortgage loan, you might want to consider taking out an 80/15 loan in order to avoid PMI. By going this route, you could potentially save a great deal of money, though your upfront costs may be a bit more. Pretend the home you are interested in purchasing has a value of $300,000.00 and you are prepared to put down $30,000.00 as a down payment. With a standard 30 year loan with an interest rate of 7.000% and 1.000 point(s), you will have to pay $33,900.00 up front for closing and would have a monthly payment of $1,908.82. In the end, you will have paid $657,913.61 toward your home. If you opt for an 80/15 loan, you can avoid making PMI payments altogether. Because it involves taking out two loans, however, you will have to pay a bit more in upfront costs. In this scenario, that amounts to $35,600.00. Your monthly payments, however, will be slightly LESS at $1,469.20. And, in the end, you will have paid only $483,338.57 – that’s a total SAVINGS of $174,575.03!

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

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City Resource v5.1 has 18 of the best Mortgage Calculators you'll ever find. Their easy for the beginner looking to make his/her first home purchase with easy to understand Plain English Help, or you can switch to a Financial Analysis for advanced features, and just so you can have your information on hand when you need it, it will even create a PDF file that you can save or printout. This Desktop Software was designed to help you, and much more.

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