Catalina Island Real Estate

What is Better: take a Second Loan or Pay PMI?

Input Information
Property Information
Home Value : ($)
Additional Information
Annual PMI :
Down Payment :
  Standard 80% Loan Second Loan
Interest Rate : (%) (%) (%)
Length : Yrs Yrs Yrs
Points : (%) (%) (%)
Closing Costs : ($) ($) ($)
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Financial Analysis
  Standard 80% Loan Second
Points Value : $4,500.00 $6,000.00 $500.00
Closing Costs : $1,200.00 $700.00 $1,000.00
Total Closing Costs : $5,700.00 $8,200.00
Down Payment : $50,000.00
Upfront Cost : $55,700.00 $58,200.00
Amount Financed : $450,000.00 $400,000.00 $50,000.00
Monthly PI : $2,415.70 $2,026.74 $421.93
Months With PMI : 78 0 0
Monthly PMI : $187.50 $0.00 $0.00
Monthly Payment : $2,603.20 $2,448.67
Total Interests Paid : $419,651.03 $355,573.96
Total PMI : $14,625.00 $0.00 $0.00
Total Payments : $884,266.01 $805,564.29
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.
Catalina Island Real Estate

 

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realizing your Catalina Island real estate dreams.

 

     Catalina Island Real Estate, Inc. - 119 Sumner Ave - Avalon, California - (310) 510-3000

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