|
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
|
|
|
