Assume a borrower finances the purchase of a home with a $325,000 mortgage at 3.0 percent interest for 30 years. The monthly principal and interest on the loan is $1,370.21. The annual taxes are estimated at $3,215 and the hazard insurance is $1,565. What will the total payment be if the lender requires an escrow?

1. $1,370.21
2. $1,638.12
3. $1,644.32
4. $1,768.54

Answer rating: 100% (QA)

If the lender requires an escrow the total payment will include not just the monthly principal ... View the full answer