math

please help thanks :)

what does PITI mean example Find the monthly PITI payment of this loan ?

Sue recently purchased a home, taking out a mortage of $235,000 at 8 3/4% for 25 years annual property taxes are $6,345 and annual hazard insurance premium is $1,479
please explian how to do this thanks :)

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩
  1. Check this out, I am not familiar with the procedures of mortgages in your country.

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  2. oops forgot the link, here it is

    http://www.realestateabc.com/calculators/PITI.htm

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  3. PITI stands for Principal, Interest, Taxes and Insurance. I was curious myself about what that means.

    The annual insurance and tax costs get divided by 12 for the monthly requirements for those items. To that, the monthly payment required to amortize the loan in 25 years gets added. The link that Reiny provided does it all for you. Using it, I get a monthly payment of $2584.03

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  4. 2584.03 dollars

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1 divided by 1/12 of the annual interest rate. You maintain an average balance of ​$780 on your credit​ card, which

  2. Math

    bill and laura borrowed $15 000 at 6 per annum compounded monthly for 30 years to purchase a home. Their monthly payment is determined to be $899.63. Find a recursive formula for their balance after each monthly payment has been

  3. Math

    Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $45,000 loan at 3% for 60 months. What is his monthly payment by formula? (Round your answer to the

  4. Math

    4. Find the monthly payment for the loan. (Round your answer to the nearest cent.) $700 loan for 12 months at 15% 5. Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $128,000 home bought with a 20%

  1. mathematics

    The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $329.73 Loan balance: $25,000.00 Loan interest rate 10.0% Monthly loan payment: $330.38 Number of payments: 120 Cumulative Payments:

  2. Finance

    You are considering borrowing $150,000 to purchase a new home. a. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30-year mortgage loan. b. Calculate the monthly amortization payment if the loan in (a) was

  3. Math

    The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54. Loan Balance: $30,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: $348.33 Number of Payments: 120 Cumulative Payments:

  4. Math

    Find the monthly payment, needed to have a sinking fund accumulate the future value, $16,000. The yearly interest rate is 6.7% and the number of payments is 20. Interest is compounded monthly. Round your answer to the nearest

  1. math

    Chiara purchased a new natural gas barbecue for $2,500 and made a down payment that was 30% of the purchase price. She financed the remaining balance for 9 months at an annual interest rate of 5.5% compounded monthly. What is

  2. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.) $ interest $ per month

  3. Math

    The average monthly mortgage payment including principal and interest is $982 in the United States. If the standard deviation is approximately $180 and the mortgage payments are approximately normally distributed, find the

  4. Math

    Kathrina wants to buy a lot which costs 1 million pesos. She plans to give a down payment of 20% of the cost, and the rest will be paid by financing at annual interest rate of 12% for 10 years in equal monthly installments? What

View more similar questions or ask a new question.