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What will monthly piti be

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Reference no: EM132794427

Suppose you take out a 30-year mortgage for a house that costs $419,829. Assume the following:

  1. The annual interest rate on the mortgage is 4.4%.
  2. The bank requires a minimum down payment of 15% at the time of the loan.
  3. The annual property tax is 1.9% of the cost of the house.
  4. The annual homeowner's insurance is 1% of the cost of the house.
  5. There is no PMI

Problem 1: If you make the minimum down payment, what will your monthly PITI be?

Reference no: EM132794427

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