finance calculator
Piggyback Loan vs PMI
Compare a piggyback combo loan to a single loan with PMI to see monthly payments and total paid over a comparison period.
Results
- Single loan amount with PMI
- $450,000
- PMI monthly
- $188
- Payment with PMI (P&I + PMI)
- $3,032
- First mortgage (piggyback)
- $400,000
- Second mortgage (piggyback)
- $50,000
- Piggyback monthly total
- $2,931
- Savings over comparison period
- $6,073
- Months in comparison
- 60
How to use this calculator
- Enter home price, down payment %, first/second rates, PMI rate, and term.
- Choose years to compare (how long you expect to keep the structure).
- Review monthly payments and total paid over that window for PMI vs piggyback.
Inputs explained
- Second percent
- Portion financed by the second mortgage (e.g., 10% for 80/10/10).
- PMI rate
- Annual PMI as a % of the loan; use your lender’s quote if available.
How it works
We build a single loan with PMI if down payment < 20% and compute P&I + PMI.
Piggyback splits into a first at the first-rate and a second at the second-rate; payments are summed.
Totals over the comparison period (e.g., first 5 years) show which approach costs less.
When to use it
- Testing 80/10/10 or 80/15/5 piggyback vs paying PMI.
- Comparing monthly payments and near-term cost if you plan to refinance later.
Tips & cautions
- Piggyback seconds often have higher rates—adjust to match your offer.
- If you’ll refinance or hit 20% equity soon, PMI may drop; this is a simple fixed comparison window.
- Assumes fixed rates and constant PMI; does not model PMI removal or variable-rate seconds.
- Ignores taxes/insurance/closing costs; focuses on payment streams.
Deep dive
See whether a piggyback mortgage or a single loan with PMI costs less by comparing payments over a chosen period.
Enter rates and loan splits to compare piggyback vs PMI monthly payments and total cost.
Related calculators
finance
Mortgage Payment with PMI
Estimate monthly principal & interest plus PMI if your down payment is below 20%, and see the full payment including PMI.
finance
PITI Mortgage Payment Calculator
Estimate principal & interest plus property tax, insurance, and HOA to see your total monthly PITI payment.
finance
Mortgage Buydown Calculator (2-1 / 1-0)
Compare your standard mortgage payment to temporary buydown payments (e.g., 2-1) and see total savings vs buydown cost and breakeven months.