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Suppose you take out a 30-year mortgage for a house that costs $429233

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Question

Question:Suppose you take out a 30-year mortgage for a house that costs $429233. Assume the

following:

  • The annual interest rate on the mortgage is 3.3%.
  • The bank requires a minimum down payment of 17% at the time of the loan.
  • The annual property tax is 1.9% of the cost of the house.
  • The annual homeowner’s insurance is 1.4% of the cost of the house.
  • There is no PMI

If you make the minimum down payment, what will your monthly PITI be?

Round your answer to the nearest dollar. 

 
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