Which is Better: Take A Second Loan Or Pay PMI?

Input Information
Property Information
Home Value : ($)
Additional Information
Annual PMI :
Down Payment :
  Standard 80% Loan Second Loan
Interest Rate : (%) (%) (%)
Length : Yrs Yrs Yrs
Points : (%) (%) (%)
Closing Cost : ($) ($) ($)
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Financial Analysis
  Standard 80% Loan Second
Points Value : $5,850.00 $7,800.00 $650.00
Closing Cost : $1,200.00 $700.00 $1,000.00
Total Closing Cost : $7,050.00 $10,150.00
Down Payment : $65,000.00
Upfront Cost : $72,050.00 $75,150.00
Amount Financed : $585,000.00 $520,000.00 $65,000.00
Monthly PI : $3,794.30 $2,527.74 $548.51
Monthly Payment : $3,794.30 $3,076.24
Total Interest Paid : $780,947.59 $423,716.67
Total PMI : $0.00 $0.00 $0.00
Total Payments : $1,365,926.37 $1,008,705.23
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.
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