Second Loan vs PMI
Input
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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