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Make the minimum down payment

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Reference no: EM132509623

Suppose you take out a 30-year mortgage for a house that costs $441,318. Assume the following:

  • The annual interest rate on the mortgage is 3.8%.
  • The bank requires a minimum down payment of 16% at the time of the loan.
  • The annual property tax is 2.3% of the cost of the house.
  • The annual homeowner's insurance is 0.9% of the cost of the house.
  • There is no PMI

If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.

Reference no: EM132509623

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