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You wish to purchase a house for $200,000 with 20% down. You will have it financed over 30 years at a rate of 8%. In addition, your yearly real estate tax is $4,800 while your monthly insurance payment on the home will be $30. What is your monthly mortgage payment? How much does your house cost per month including principal, interest, real estate taxes, and insurance?

  • Math -

    first find the mortgage payment, without the taxes and insurance.
    200000 less 20 down leaves 160000
    let the payment be P
    i = .08/12 = .00666666...
    n = 12(30) = 360

    160000 = P( 1- 1.006666667^-360)/.00666667
    160000 = P(136.2835045)
    p = 1174.02

    I will let you finish it.

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