What Better: take a Second Loan or Pay PMI?

Input Information
Property Information
Home Value : ($)
Additional Information
Annual PMI :
Down Payment :
  Standard 80% Loan Second Loan
Interest Rate : (%) (%) (%)
Length : Yrs Yrs Yrs
Points : (%) (%) (%)
Closing Cost : ($) ($) ($)
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Financial Analysis
  Standard 80% Loan Second
Points Value : $4,500.00 $6,000.00 $500.00
Closing Cost : $1,200.00 $700.00 $1,000.00
Total Closing Cost : $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 : $2,347.41 $1,944.41 $421.93
Monthly Payment : $2,347.41 $2,366.34
Total Interest Paid : $395,068.69 $325,935.90
Total PMI : $0.00 $0.00 $0.00
Total Payments : $845,059.43 $775,927.10
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.
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