What's better: take a second loan or pay PMI?

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Input Information
Property Information
Home Value : ($)
Additional Information
Annual PMI :
Down Payment :
  Standard 80% Loan Second Loan
Interest Rate : (%) (%) (%)
Length : Yrs Yrs Yrs
Points : (%) (%) (%)
Closing Cost : ($) ($) ($)
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Financial Analysis
  Standard 80% Loan Second
Points Value : $2,700.00 $3,600.00 $300.00
Closing Cost : $1,200.00 $700.00 $1,000.00
Total Closing Cost : $3,900.00 $5,600.00
Down Payment : $30,000.00
Upfront Cost : $33,900.00 $35,600.00
Amount Financed : $270,000.00 $240,000.00 $30,000.00
Monthly PI : $1,408.45 $1,166.65 $253.16
Months With PMI : 75 0 0
Monthly PMI : $112.50 $0.00 $0.00
Monthly Payment : $1,520.95 $1,419.81
Total Interest Paid : $237,041.21 $195,561.54
Total PMI : $8,437.50 $0.00 $0.00
Total Payments : $515,473.16 $465,556.26

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