What is the total monthly payment with monthly mortgage insurance and escrows on the following...

90.2K

Verified Solution

Question

Accounting

image
What is the total monthly payment with monthly mortgage insurance and escrows on the following FHA mortgage during the first year of the loan: - Gross loan amount including up-front mortgage insurance premium: $183,150 - Average balance of base loan amount in first year: $178,416 - Interest rate and term: 4% for 30 years - Annual premium rate for FHA mortgage insurance (paid monthly): 0.85% - Annual property taxes and insurance (paid monthly): $4,500 (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students