Homebuyers in the United States typically put about 10% down on their homes. Down Payments & Property Mortgage Insurance From the select box you can choose between HELOCs and home equity loans of a 5, 10, 15, 20 or 30 year duration. Our rate table lists current home equity offers in your area, which you can use to find a local lender or compare against other loan options. Use this calculator to see if this option would save you money on your home loan.įor your convenience, current Los Angeles first mortgage rates and current Los Angeles second mortgage rates are published below the calculator.Ĭurrent Los Angeles Home Equity Loan & HELOC Rates Is property mortgage insurance (PMI) too expensive? Some home owners obtain a low-rate second mortgage from another lender to bypass PMI payment requirements. Should I Pay PMI or Take a Second Mortgage? Your monthly payments, however, will be slightly LESS at $1,317.72.Īnd, in the end, you will have paid only $426,906.64 - that's a total SAVINGS of $21,002.08! In this scenario, that amounts to $7,032.50. Because it involves taking out two loans, however, you will have to pay a bit more in upfront costs. If you opt for a second mortgage loan of $31,250.00 you can avoid making PMI payments altogether. In the end, at the end of your 30-year term you will have paid $447,908.72 to buy your home. This would leave you with a monthly payment of $1,341.21. With a standard 30-year loan, an interest rate of 3.250% and 1.000 point(s), you will have to pay $4,032.50 up front for closing and your down payment. Presume the home you are interested in is valued at $312500.00 and you are prepared to put down $20.00 as a down payment. By going this route, you could potentially save a great deal of money, though your upfront costs may be a bit more. When you take out your home mortgage loan, you might want to consider taking out a second mortgage loan in order to avoid PMI on the first mortgage.

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