Avoid paying private mortgage insurance

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Reference no: EM131084320

Jesse Gregory wants to avoid paying private mortgage insurance and has to put 20% down. The most Jesse has for a down payment is $43,000. His bank is offering 15-year fixed loans at 6 ½%. (a) What is the most Jesse can pay for a home? (b) Based on what he can afford, what would be Jesse's monthly payments? (c) Jesse will also have to pay $2874 annually for property taxes and $360 semi-annually for hazard insurance. What would be his monthly PITI payment?

Reference no: EM131084320

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