PMI vs. piggybacks. This brings us back to the issue of which is better for a borrower: a larger first mortgage with PMI or a piggyback loan that comprises a smaller first loan, a second mortgage and a down payment. Each option has certain factors that should be considered. When considering a second mortgage, keep in mind that:

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Taking a piggyback loan can result in lower monthly payments than a mortgage with PMI. In addition, you can deduct the interest on a piggyback loan on your federal income tax return.PMI is not tax deductible; a temporary tax deduction for PMI and government-issued mortgage insurance expired in May 2012.

An alternative to paying PMI is to use a second mortgage or what’s known as a piggyback loan. Here is how it works: You obtain a first mortgage with an amount equal to 80% of the home value.

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Piggyback loans are slowly making a comeback as home values start to pick up. These loans mean a borrower takes out two mortgages at once. The second mortgage is in the form of a home equity loan.

In this article: A piggyback loan is a type of mortgage structure in which a first and second mortgage are opened at the same time; This structure can help a buyer avoid PMI, pay lower rates.

Using a piggyback loan to avoid PMI. You can sometimes avoid paying for PMI or FHA mortgage insurance by using a piggyback loan. This is a type of second mortgage used to cover the difference between your down payment and 20 percent, so you don’t have to pay mortgage insurance premiums on the primary loan.

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Mortgage Piggyback Calculator (13a) Two Mortgages Versus One Larger Mortgage Who This Calculator is For: Borrowers trying to decide whether they should take a second mortgage, either to avoid mortgage insurance or to avoid the higher interest rate on a jumbo as opposed to a conforming loan amount.

Private mortgage insurance is making a comeback. Until six or eight months ago, private mortgage insurance was out of favor as people eager to get into the roaring housing market took adjustable-rate.

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