Rebecca is purchasing a house for $210,000, with a 15-year fixed-rate mortgage at 4.5% interest. She has made a 5% down payment. The house is valued at $198,000, and the local tax rate is 4.5%. 

Her homeowners insurance is $840 per year. What are her total monthly payments? (Use the table below to calculate PMI premiums.)

 

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Base-To-Loan % 95.01% to 97% 90.01% to 95% 85.01% to 90% 85% and Under Fixed-Rate Loan 30 yrs. 15 yrs. 0.90% 0.79% 0.78% 0.26% 0.52% 0.23% 0.32% 0.19% ARM 2% + 1 Year Cap 30 yrs. 15 yrs. n/a n/a 0.92% 0.81% 0.65% 0.54% 0.37% 0.26% Base-To-Loan % 95.01% to 97% 90.01% to 95% 85.01% to 90% 85% and Under Fixed-Rate Loan 30 yrs. 15 yrs. 0.90% 0.79% 0.78% 0.26% 0.52% 0.23% 0.32% 0.19% ARM 2% + 1 Year Cap 30 yrs. 15 yrs. n/a n/a 0.92% 0.81% 0.65% 0.54% 0.37% 0.26%

Answer rating: 100% (QA)

To calculate Rebeccas total monthly payments we need to consider the mortgage payment property taxes homeowners insurance and private mortgage insuran... View the full answer