Question

Brad and Sam take a 30-year mortgage for a house that costs $129436. Assume the following:...

Brad and Sam take a 30-year mortgage for a house that costs $129436. Assume the following: The annual interest rate on the mortgage is 3.2%. The bank requires a minimum down payment of 18% of the cost of the house. The annual property tax is 1% of the cost of the house. The annual homeowner's insurance is $825. There is no PMI. If they make the minimum down payment, what will their monthly PITI be?

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose you take out a 30-year mortgage for a house that costs $496,845. Assume the following:...
Suppose you take out a 30-year mortgage for a house that costs $496,845. Assume the following: The annual interest rate on the mortgage is 3.9%. The bank requires a minimum down payment of 16% at the time of the loan. The annual property tax is 2.1% of the cost of the house. The annual homeowner's insurance is 0.6% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI...
Suppose you take a 10-year mortgage for a house that costs $231,675. Assume the following: The...
Suppose you take a 10-year mortgage for a house that costs $231,675. Assume the following: The annual interest rate on the mortgage is 3.8%. The bank requires a minimum down payment of 14% of the cost of the house. The annual property tax is 1.6% of the cost of the house. The annual homeowner's insurance is $825. The monthly PMI is $98. Your other long-term debts require payments of $1,607 per month. If you make the minimum down payment, what...
Suppose you take a 15-year mortgage for a house that costs $219,965. Assume the following: The...
Suppose you take a 15-year mortgage for a house that costs $219,965. Assume the following: The annual interest rate on the mortgage is 4.8%. The bank requires a minimum down payment of 9% of the cost of the house. The annual property tax is 1.6% of the cost of the house. The annual homeowner's insurance is $579. The monthly PMI is $91. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in...
Suppose you take a 15-year mortgage for a house that costs $272,511. Assume the following: The...
Suppose you take a 15-year mortgage for a house that costs $272,511. Assume the following: The annual interest rate on the mortgage is 4.6%. The bank requires a minimum down payment of 7% of the cost of the house. The annual property tax is 1.5% of the cost of the house. The annual homeowner's insurance is $983. The monthly PMI is $79. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in...
Suppose you take a 10-year mortgage for a house that costs $207,304. Assume the following: The...
Suppose you take a 10-year mortgage for a house that costs $207,304. Assume the following: The annual interest rate on the mortgage is 3.7%. The bank requires a minimum down payment of 7% of the cost of the house. The annual property tax is 1.7% of the cost of the house. The annual homeowner's insurance is $529. The monthly PMI is $60. Your other long-term debts require payments of $1,489 per month. If you make the minimum down payment, what...
You are planning to purchase a house that costs $550,000, and you will use a 30-year...
You are planning to purchase a house that costs $550,000, and you will use a 30-year mortgage. You want to determine whether or not you should save some of your money and put only 10% down on your house. Because you are only putting 10% down, lenders require that you purchase private mortgage insurance (PMI). You want to pay the PMI with a monthly payment (for the same 30-year). Assume that PMI is 1% of the mortgage amount and has...
2. Jerry and Katrina took out a 30-year, $360,000 mortgage on their 2800-square-foot house. The mortgage...
2. Jerry and Katrina took out a 30-year, $360,000 mortgage on their 2800-square-foot house. The mortgage rate is 0.4% per month so their payments are $1888.80 per month. How much would they still owe on their mortgage immediately after making their 220th monthly payment? 3. Sue is planning to buy a house. She has been advised by her financial planner that her monthly house payment (which includes property taxes and insurance) should not exceed 30% of her take-home pay. Currently,...
Vivian wants to buy a house. The house she wants is listed for $350,000. What if...
Vivian wants to buy a house. The house she wants is listed for $350,000. What if Vivian can only pay a 15% down payment, what would her first monthly payment be for the 30-year mortgage at 3.75%? (Assume PMI insurance cost is 1% of the loan amount per year.)
You buy a house for $300,000. The mortgage company offers a 30 year loan with an...
You buy a house for $300,000. The mortgage company offers a 30 year loan with an annual interest rate of 10% (but the loan requires monthly payments and the interest will compound monthly). Your monthly house payment is? Show equation please
You are planning to buy a house today. The house costs $400000. You have $57000 in...
You are planning to buy a house today. The house costs $400000. You have $57000 in cash that you can use as a down payment on the​ house, but you need to borrow the rest of the purchase price. The bank is offering a ​30 -year mortgage that requires annual payments and has an EAR of 8% per year. What will be your annual mortgage​ payment?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT