First Mortgage Loan

First & Second Mortgage During Access Period
(interest only)

First & Second Mortgage During Repayment Period
(principle+interest)

1

Enter Purchase Price

$200,000

 $200,000
(1A)

$200,000
(1A)

2

Enter Down Payment

$20,000

 $20,000
(2A)

 $20,000
(2A)

3

Enter Second Mortgage Amount

$20,000

$20,000
(3B)

4

Principle Loan Amount

 $180,000
(1A-2A)

 $160,000
(1B-2B-3B)

 $160,000
(1C-2C-3C)

5

LTV

 90%
(4A/1A)

6

CLTV

 90%
(4A/1A)

 90%
(4A/1A)

7

Enter First Mortgage Term (in months)

360 months

360 months
(7A)

360 months
(7A)

8

Second Mortgage Term (in months)

120 months

240 months

9

Enter First Mortgage Interest Rate (as a decimal)

8%

 8%
(9A)

 8%
(9A)

10

Enter Second Mortgage Interest Rate (as a decimal)

4%

6%

11

Enter First Mortgage Payment (use financial calculator)

$1320.78

$1174.03

$1174.03
(11C)

12

Enter PMI (use financial calculator)

$120.00

13

Enter Second Mortgage Payment (use financial calculator)

$65.75
((3Bx10B)/365)x30
(interest only)

$143.92

(principle and interest)

14

TOTAL

$1239.78
(11C + 13B)

$1317.32
(11C + 13C)

15

Monthly Savings

$201.00
(14A-14B)

 $123.46
(14A - 14C)

16

Yearly Savings

$2412.00
(15B x 12)

 $1481.52
(15C x 12)