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Loan Features
| Compare Loans with or without Second Loan |
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Conforming Loan w/ Mortgage Ins. |
Combination loan |
| Home Purchase Price |
$400,000 |
$400,000 |
| First Mortgage Loan Amount |
$360,000 |
$360,000 |
| Second Mortgage Loan Amount |
N/A |
$40,000 |
| Total Combined Loan Amount |
$360,000 |
$400,000 |
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| Down Payment |
$40,000 |
$40,000 |
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| First Mortgage Terms |
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| LTV |
90 % |
80 % |
| Term (Months) |
360 |
360 |
| Interest Rate |
7.125% |
7.000% |
| Second Mortgage Terms |
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| LTV/CLTV |
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10 % / 90 % |
| Term (Months) |
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360 |
| Interest Rate |
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8.500% |
| Monthly Payments |
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| 1st Mtg. Principal/Interest |
$2,425 |
$2,395 |
| 2nd Mtg. Principal/Interest |
N/A |
$308 |
| Mortgage Insurance |
$192 |
N/A |
| Total Monthly Payment |
$2,617 |
$2,703 |
| Savings |
$85 |
$0 |
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| Click here to create your own scenario. |
| (This will help you determine if you need a piggy back loan and the amount of savings if you did one.) |
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| Compare Jumbo Loans with or without Second Loan |
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Jumbo Loan |
Combination loan |
| Home Purchase Price |
$600,000 |
$600,000 |
| First Mortgage Loan Amount |
$480,000 |
$417,000 |
| Second Mortgage Loan Amount |
N/A |
$63,000 |
| Total Combined Loan Amount |
$480,000 |
$480,000 |
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| Down Payment |
$120,000 |
$120,000 |
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| First Mortgage Terms |
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| LTV |
80 % |
70 % |
| Term (Months) |
360 |
360 |
| Interest Rate |
7.375% |
7.000% |
| Second Mortgage Terms |
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| LTV/CLTV |
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11 % / 80 % |
| Term (Months) |
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360 |
| Interest Rate |
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8.500% |
| Monthly Payments |
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| 1st Mtg. Principal/Interest |
$3,315 |
$2,774 |
| 2nd Mtg. Principal/Interest |
N/A |
$484 |
| Mortgage Insurance |
$0 |
N/A |
| Total Monthly Payment |
$3,315 |
$3,259 |
| Savings |
$0 |
$57 |
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| Click here to create your own scenario. |
| (This will help you determine if you need a piggy back loan and the amount of savings if you did one.) |
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