Question

Adrian purchased a house for 220,000 financing using a 30 year conventional mortgage at 4% interest. his monthly principle and interest is 995. the annual property taxes are 1400 and the combined annual insurance premium is 900 what is Adrains Piti payment each month

Answer 1

Adrian's monthly PITI payment, which includes principal, interest, taxes, and insurance, totals $1,186.67.

Step-by-step explanation:

Adrian's monthly PITI payment would be calculated by adding his monthly principle and interest payment of $995 to his monthly property taxes and insurance.

To find the monthly property tax, divide the annual property tax ($1,400) by 12, giving $116.67.

Next, divide the annual insurance premium ($900) by 12, resulting in $75.

Adding these together gives Adrian a monthly PITI payment of $995 (principle and interest) + $116.67 (property taxes) + $75 (insurance) = $1,186.67.