This is an mortgage question

Question

You are buying a house for 135,500 down payment is 15% of purchase price due at closing. Monthly home insurance is 150 yearly taxes is 3570 your intrest rate is 5.5% that is coumpounded monthly with your mortgage payment there’s a one time closing fee of 1550 a one time home appraisal for 1200 and all home inspections are 600$ all due at closing and you were approved for a 30 year loan what is the amount due at closing ? What is your monthly mortgage?

Answer 1

Amount due at closing: Appraisal Fee $ 1,200

Home Inspection 1,550

Closing Fee 600

-------

Total Out of Pocket Costs at Closing $ 3,350

House Purchase Price $ 135,500

Down Payment % 15%

Down Payment Amount $ 20,325

Initial Mortgage Balance $ 115,175

Interest Rate 5.50%

Term 30 yrs.

Monthly Mortgage Pymt. (PI) (Prin & Int only) $ 653.95

Monthly Mortgage with

Taxes & Insur. Escrowed (PITI) $ 1,101.45 (653.95 + 297.50 + 150.00)

Excel Formula to calc pymt: =pmt(5.50%/12,30*12,115175) (mo. tax) (mo. insur.)