Second Mortgage vs. Private Mortgage Insurance Savings

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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