Posted by ron on June 04, 2007 at 11:56:17:
The first loan scenario looks to be the best. For an $8 a month difference why would you take a second loan? You didn’t give a lot of info about your plans for the hom ebut I dont see a reason why you would take the 80/20, again its only saves you $8/month and the closing costs are higher
Which Loan? - Posted by Mr. Summers - PA
Posted by Mr. Summers - PA on June 04, 2007 at 10:28:41:
Someone please help me. This is my first home and I have 2 mortgage options.
100% loan
123,400.00
6.750%
1068.77 monthly payment
2883.40 estimated closing costs
80-20 loan
6.625% & 8.25%
1060.78 monthly payment
3625.86 estimated closing cost
I would like to thank any responses in advance.
Re: Which Loan? - Posted by zach
Posted by zach on June 04, 2007 at 17:14:46:
Watch out for the 100% one loan scenario. Is there a pmi payment on top of the monthly payment quoted? If so its probably actually a higher overall payment. The pmi wouldn’t be terribly much though, maybe 40 or 50bucks.