What is the total monthly payment for this mortgage? principal per month $980 interest per month $105 property tax per year 1 percent of the value of the house ($150,000) home insurance per year $360 pmi per month $45 $980 $4,680 $1,085 $1,285

What is the total monthly payment for this mortgage?

Principal Per Month - $980

Interest Per Month- $105

Property Tax Per Year - 1 percent of the value of the house ($150,000) To find the property tax per month take ($150,000 and multiply by .01 = $1500 and then divide by 12) = $125

Home Insurance Per Year - $360 To find the monthly payment amount take 360 and divide it by 12 months. (360/12) = $30

PMI Per Month - $45

Add up all the monthly amounts:

$980 + $105 + $125 + $30 + $45 = $1,285

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