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re: Is it worth accelerating mortgage payment to avoid PMI?
Posted on 1/27/16 at 12:25 pm to PhiTiger1764
Posted on 1/27/16 at 12:25 pm to PhiTiger1764
Would it not just be directly tied into what the interest rate of the loan is?
1
Posted on 1/27/16 at 1:34 pm to rpg37
quote:
directly tied into what the interest rate of the loan is?
Yes. I don't know what kind of interest rate I would be able to get on a 2nd loan. I'm trying to wrap my head around it all but my thought process is that if the 2nd loan interest payments per month are less than my current PMI ($87/month) then I come out ahead? Am I oversimplifying things or is this correct?
ETA: I suppose I should consider that PMI is tax deductible as well...
I am also pretty ignorant to how other types of loans work, as I've never had one other than my mortgage. Would payments on a 2nd loan for, say $16,000 over 5 years, be heavily interest at first and more principal later? Or would each month payment be the same principal and interest?
This post was edited on 1/27/16 at 1:51 pm
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