You are considering the purchase of a home; your down payment of $15,000 and the purchase price is $175,000 financing is available for 30 years at 4.5%
1-What is the monthly P&I payment for this mortgage?
2-What is the loan to value ratio (LTV)?
3-Based on the above LTV would you be required to purchase Private Mortgage Insurance (PMI)?
4-If annual property taxes are $2,500 and annual homeowner's insurance is $800 how much will be placed in an escrow account each month to pay these expenses?