Question

Helena is purchasing a house for $210000 with a 15-year fixed -rate mortgage at 4.5% interest. She has made 5% down payment . The house is valued at $200,000 and the local tax rate is 3.5% . Her homeowners insurance is $720 per year . What are her total monthly payments

Answer 1

2202.72

Explanation:

just got the answer right on the quiz

Answer 2

$2169.49

Explanation:

The mortgage payment is ...

A = (210,000·0.95)(0.045/12)/(1 -(1 +0.045/12)^(-12·15)) ≈ 1526.16

The monthly set-aside for taxes is ...

3.5%·200,000/12 = 583.33

The monthly set-aside for insurance is ...

720/12 = 60

So the total of P&I + taxes + insurance will be ...

$1526.16 +583.33 +60.00 = $2169.49