90% loan to value with 10% down or 10% equity whether that be a purchase loan or refinance mortgage, is the requirement for a second home or vacation property. The  property will have to located in a resort area and because it’s less than 20% equity, a monthly escrow/impound account will be required for principal and interest, lovely property taxes monthly fire insurance and monthly mortgage insurance. You can assume for monthly mortgage insurance on a transaction like this about 75 basis points.

For example a loan in the amount of $350,000 would represent monthly mortgage insurance of $218.75 per month using a barometer of 75 basis points for payment calculation purposes. You can also try mortgage payment calculator for a more accurate payment comparison.