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

Use this calculator to weigh the advantages and options of taking a second mortgage and lowering your PMI all the way down to zero.

The default entries provided in the calculator show a home value of $300,000 with a down payment of 10% and an annual PMI of 0.5 %. The Financial Analysis results show total payments of $515,473.16 for the Standard loan and $465,556.26 for the 80%/Second package, which is substantially lower.

To use the calculator, enter the following information:

Property Information: Home Value.
Additional Information: Annual PMI (choose dollars or percentage) and Down Payment (choose 5%, 10% or 15%).
Standard, 80% loan and 2nd loan values for the following fields: Interest Rate, Length (in years), Points (percentage) and Closing Costs.

The calculator will compute the following information:

Points Value | Months with PMI
Closing Costs | Monthly PMI
Total Closing Costs | Monthly Payment
Down Payment | Totally Interest Paid
Upfront Cost | Total PMI
Amount Financed | Total Payments
Monthly P&I |

The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, PMI and Balance. It also shows totals for every field after each year of the mortgage.

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