Question

What is the total monthly payment for this mortgage? Principal Per Month $980 Interest Per Month $105 Property Tax Per Year 1 percent of the value of the house ($150,000) Home Insurance Per Year $360 PMI Per Month $45 $980 $4,680 $1,085 $1,285

Answer 1

the total monthly mortgage payment is$1085

Answer 2

$1,285

Step-by-step explanation:

mortgage monthly payments include: principal plus interests, but some mortgage loans can also include real estate taxes and insurance. Both real estate taxes and insurance annual premiums must be divided by 12 months in order to determine their monthly expense:

• principal per month = $980
• interest per month = $105
• real estate taxes 1% of home value = $150,000 x 1% = $1,500 / 12 months = $125
• home insurance per year = $360 / 12 months = $30
• PMI (insurance) per month = $45

total monthly payment = $980 + $105 + $125 + $30 + $45 = $1,285