Calculate the cost of a second home loan mortgage. A second mortgage is a home loan secured by your current home that already has an outstanding first mortgage. The amount of second mortgage you can borrow depends on the equity in your home. Your home equity can be calculated by subtracting the balance left on your home loan and the home value.

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Second Loan vs PMI

Input
Property Info
Home Value ($)
Additional Info
Annual PMI
Downpayment
Standard 80% Loan Second
Interest (%) (%) (%)
Loan Length (Yrs) (Yrs) (Yrs)
Points (%) (%) (%)
Closing Cost ($) ($) ($)
Financial Analysis
  Standard 80% Loan Second
Points Value $2,250.00 $3,000.00 $250.00
Closing Cost $1,200.00 $700.00 $1,000.00
Total Closing Cost $3,450.00 $4,950.00
Downpayment $25,000.00
Upfront Cost $28,450.00 $29,950.00
Amount Financed $222,750.00 $197,000.00 $24,750.00
Monthly Payment $1,389.67 $1,149.64 $215.60
Months with PMI 87 0 0
Monthly PMI $93.75 $0.00 $0.00
Total Monthly Payment $1,483.42 $1,365.24
Total Interest Paid $277,531.27 $230,927.70
Total PMI $8,156.25 $0.00 $0.00
Total Payments $508,437.52 $452,677.70

 
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Today
1-Year ARM
5.46%
5/1 ARM
5.75%
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30-Year Fixed
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