Question

You buy a house for $299,00. If you make a 20% down payment, how much would you pay in total per month for the 30 year loan if you pay $3200/year in taxes, $1050/year in insurance and $28/month forthe home owners association?

Answer 1

Charlene calculated that the monthly patyment, including interests is $ 692.88.

Taxes = $ 3,200 annually, if we divide it by 12, we will find the monthly amount, this way:

3,200/12 = $ 266.67

Insurance = $ 1,050 annually, if we divide it by 12, we will find the monthly amount, this way:

1,,050/12 = $ 87.50

Home owners association = $ 28

Therefore, the monthly payment would be:

692.88 + 266.67 + 87.50 + 28

You can finish the calculation, Charlene!