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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
Figures provided are based on user entry and are for informational purposes only. CLM Mortgage does not provide any warranty, express or otherwise, as to the accuracy of these calculations. This is not an offer to extend credit or a commitment to lend. All loans are subject to credit approval. All data is subject to change without notice.