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What Better: take a Second Loan or Pay PMI?

Input Information

Property Information
Home Value :		($)
Additional Information
Annual PMI :		($) (%)
Down Payment :		5 % 10 % 15 %
	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 :	$2,700.00	$3,600.00	$300.00
Closing Cost :	$1,200.00	$700.00	$1,000.00
Total Closing Cost :	$3,900.00	$5,600.00
Down Payment :	$30,000.00
Upfront Cost :	$33,900.00	$35,600.00
Amount Financed :	$270,000.00	$240,000.00	$30,000.00
Monthly PI :	$1,408.45	$1,166.65	$253.16
Months With PMI :	75	0	0
Monthly PMI :	$112.50	$0.00	$0.00
Monthly Payment :	$1,520.95	$1,419.81
Total Interest Paid :	$237,041.21	$195,561.54
Total PMI :	$8,437.50	$0.00	$0.00
Total Payments :	$515,473.16	$465,556.26

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.