Piggyback 80/20 loans vs. 100% finance with PMI?

I know i should save $ for a down and have been but something always come up with kids and it's VERY HARD so pleeeease, no lectures *smile*:-))) . Here's my question. I was told I am eligible for the piggyback 80/20 loan (I have bad credit I am fixing)but the 20% loan up can have 10% interest! I've... show more I know i should save $ for a down and have been but something always come up with kids and it's VERY HARD so pleeeease, no lectures *smile*:-)))
. Here's my question. I was told I am eligible for the piggyback 80/20 loan (I have bad credit I am fixing)but the 20% loan up can have 10% interest! I've done some calculating and if this is the case I'll be paying about $2300 for the 1st mortgage and $800 on the 2nd and basically would have negative equity by the time I finally move in. Am I right? Should I just wait to save at least 3% for the SONYMA loan which gives you 6.7% interest? PS-my dad has great credit and he said he would co-sign.

What about a 100% loan with PMI instead of a piggyback loan? What would the monthly mortgage be guesstimating the home is $430K?

Your advice is heartily appreciated. With the interest rate on the piggyback loan after 30 years I would have paid over a million dollars on a $400K home. Am I calculating this wrong or is the truth that craz
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