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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.

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Bret Brewer

B² Group - Distinct Real Estate LLC

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