What are the initial costs at closing

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Reference no: EM13937188

You purchase a new house for $200,000 with a 5% down payment. You obtain a 30-year loan at 5% compounded monthly and will make monthly payments on the loan. Closing costs are $1,500. PMI is $150 per month for the first 5 years. Taxes are estimated to be $1,800 per year. Insurance will be $1,500 per year.

What are the initial costs at closing?

Reference no: EM13937188

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