@Brandon Raeburn, on my calculations, unless you can get business credit at 5% interest or less (yeah, right!), it WILL cost you more per month than just paying the extra 0.85% PMI/MPI per year on the whole loan balance.
Using an example purchase price of $100,000, my thumbnail calculation went like this:-
Borrowing the extra 16.5% deposit at 5% interest = extra payments of $825 per year.
Or, paying the extra 0.85% PMI/MPI on $96,500 loan = extra payments of $820.25 per year.
So, when you factor in your ACTUAL business credit interest rate... (I needn't finish that sentence, right?)
Of course, your BIGGEST savings will be if: you only buy BARGAINS! Welcome to BP. All the best...
PMI is private mortgage insurance, which is a way lenders get a guarantee that you pay back the mortgage. You need it when your down payment is less than 20℅ of a conventional loan.
Minimum payments interest; I believe you're referring to making the minimum payment on your credit cards. Which may add a higher interest percentage but you'll need to reword the question so we can better help you.
@Brandon Raeburn, on my calculations, unless you can get business credit at 5% interest or less (yeah, right!), it WILL cost you more per month than just paying the extra 0.85% PMI/MPI per year on the whole loan balance.
Using an example purchase price of $100,000, my thumbnail calculation went like this:-
Borrowing the extra 16.5% deposit at 5% interest = extra payments of $825 per year.
Or, paying the extra 0.85% PMI/MPI on $96,500 loan = extra payments of $820.25 per year.
So, when you factor in your ACTUAL business credit interest rate... (I needn't finish that sentence, right?)
Of course, your BIGGEST savings will be if: you only buy BARGAINS! Welcome to BP. All the best...