I need help on finding things such as closing costs

User Generated

kqvnan

Mathematics

Description

Can someone please help me figure out how to find:

Closing Costs

Monthly Private Mortgage Insurance 

Yearly and Monthly Property Tax 

Yearly and Monthly Homeowners Insurance 

for a home worth 273000? We're told to show our work but I have no idea where to even start? I already know how to get the down payment.The situation we're given is:

The bank requires 5% down payment for 20-year fixed at 3%. The closing costs are $2000 plus one point. 

Please.

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Explanation & Answer

273000[1+8/100]^20

273000[1.08]^20

294840^20



Anonymous
Excellent resource! Really helped me get the gist of things.

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