If you still can’t afford the down payment on a home even after you’ve
taken out a loan, you might want to consider taking out a second loan. The other option is purchasing PMI (Private Mortgage Insurance).
With PMI, you can pay a lower down payment, but in the long run, pay a higher total amount.
Use this calculator to determine if you should take out a second loan or purchase 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
|
|
|
|
|
DISCLAIMER:
Although this is an estimation of the information you provided, none of these
figures are guaranteed. Final statistics can only be given by the financial
institution that supplies you with the loan or other financial services. You
must double check with your provider to ensure accurate information. Please
read the Terms of Use
for further details.
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