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Ray Megie
Compare loans
Below is a comparison of a conventional loan to a 80/15/5 loan, to a 80/20 loan. 80/15/5 loans are common for those that have a little saved up for a down payment, and the 80/20 loans are common for those that don't have any cash to use for the down payment. Both of these loan types are structured to avoid the mortgage insurance.
Purchase Price and Terms
Purchase price
:
First mortgage
Conventional
80/15/5 Loan
80/20 Loan
Down payment
:
5% down
:
0% down
:
Loan term
:
years
Loan term
:
years
Loan term
:
years
Interest rate
:
%
Interest rate
:
%
Interest rate
:
%
Second Mortgage
15% second
:
20% second
:
Loan term
:
years
Loan term
:
years
Interest rate
:
%
Interest rate
:
%
Estimated Monthly Payments
(does not include items such as HOA's, special taxes, land leases...)
1st loan amount
:
80% first
:
80% first
:
1st P&I
:
1st P&I
:
1st P&I
:
2nd P&I
:
2nd P&I
:
Monthly taxes
:
Monthly taxes
:
Monthly taxes
:
(based on 1.15%)
Hazard ins.
:
Hazard ins.
:
Hazard ins.
:
(based on .030%)
Mortgage ins.
:
(if LTV > 80%)
Total payment
:
Total payment
:
Total payment
:
Loan to value
:
%
Loan calculations based on a conforming conventional loan program. This calculator is supplied for estimate purposes only and to provide you with a general idea. Accuracy of the results are not guaranteed, or the applicability to your situation. Please consult a qualified professional for a more detailed quote.
Ray Megie
Mobile: (586) 634-1822
Direct: (810) 667-1700
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Realty Executives Main Street
1022 S. Lapeer Road
Lapeer, MI 48446
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Home
Home Search
Search by Map
Search by Mobile
Buyers
Buyer's Info
Calculate Payment
Prepare To Move
Home Inspections
Moving List
What's My Home Worth
Sellers
Seller's Info
Setting a Price
Ready For Sale
Net Proceeds
Mortgages
Mortgages
FREE Pre-Approval
Compare Loans
Getting Qualified
Resources
Office Location
Free Reports
Glossary