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| Standard | 80% Loan | Second | |
| Points Value : | $2,700.00 | $3,600.00 | $300.00 |
| Closing Costs : | $1,200.00 | $700.00 | $1,000.00 |
| Total Closing Costs : | $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 : | $1,449.42 | $1,216.04 | $253.16 |
| Months With PMI : | 78 | 0 | 0 |
| Monthly PMI : | $112.50 | $0.00 | $0.00 |
| Monthly Payment : | $1,561.92 | $1,469.20 | |
| Total Interests Paid : | $251,790.62 | $213,344.38 | |
| Total PMI : | $8,775.00 | $0.00 | $0.00 |
| Total Payments : | $530,559.60 | $483,338.57 | |
|
When you take out your home mortgage loan, you might want to consider taking out an 80/15 loan in order to avoid PMI. By going this route, you could potentially save a great deal of money, though your upfront costs may be a bit more. Pretend the home you are interested in purchasing has a value of $300,000.00 and you are prepared to put down $30,000.00 as a down payment. With a standard 30 year loan with an interest rate of 5.000% and 1.000 point(s), you will have to pay $33,900.00 up front for closing and would have a monthly payment of $1,561.92. In the end, you will have paid $530,559.60 toward your home. If you opt for an 80/15 loan, you can avoid making PMI payments altogether. Because it involves taking out two loans, however, you will have to pay a bit more in upfront costs. In this scenario, that amounts to $35,600.00. Your monthly payments, however, will be slightly LESS at $1,469.20. And, in the end, you will have paid only $483,338.57 – that’s a total SAVINGS of $47,221.03! |