Answer:
the anticipated monthly payment for the house is $3,774.73.
Explanation:
First, we need to calculate the down payment amount:
Down payment = 20% x $807,000
Down payment = $161,400
The loan amount is then the difference between the purchase price and the down payment:
Loan amount = $807,000 - $161,400
Loan amount = $645,600
Next, we can calculate the monthly payments on the loan using the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
Where:
M = monthly payment
P = loan amount
i = monthly interest rate (annual rate divided by 12)
n = total number of payments (number of years multiplied by 12)
The monthly interest rate is 3.1% / 12 = 0.2583%
The total number of payments is 30 years x 12 months/year = 360
Using these values, we can calculate the monthly loan payment:
M = $645,600 [ 0.002583(1 + 0.002583)^360 ] / [ (1 + 0.002583)^360 - 1 ]
M = $2,733.07
So the anticipated monthly loan payment is $2,733.07.
To calculate the total anticipated monthly payment, we need to add property taxes and homeowner's insurance. Let's assume the property taxes are $10,000 per year and homeowner's insurance is $2,500 per year. We can divide these amounts by 12 to get the monthly amounts:
Property taxes = $10,000 / 12 = $833.33
Homeowner's insurance = $2,500 / 12 = $208.33
Total monthly payment = Monthly loan payment + Property taxes + Homeowner's insurance
Total monthly payment = $2,733.07 + $833.33 + $208.33
Total monthly payment = $3,774.73
Therefore, the anticipated monthly payment for the house is $3,774.73.