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Home ownership has other expenses, including property taxes, homeowner's insurance, and utilities.
Home ownership has other expenses, including property taxes, homeowner's insurance, and utilities. The annual property tax can be estimated as 1% of the amount borrowed and the annual homeowner's insurance can be estimated as 2% of the amount borrowed.
For a mortgage of $135,000, find the following.
a. What is the MONTHLY amount of property tax.
b. What is the MONTHLY amount of homeowner's insurance
If the monthly utilities can be estimated to be $200, find
the following.
a. For the 15 year loan, find the total monthly payment, including mortgage, tax,
insurance, and utilities.
b. For the 30 year loan, find the total monthly payment, including mortgage, tax,
insurance, and utilities.
