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.
Explanation & Answer
273000[1+8/100]^20
273000[1.08]^20
294840^20
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