Answer:
The total monthly payment for this mortgage is of $ 1285
Explanation:
The principal mortgage payment per month is of $980.
Interests per month are of $105.
Property tax per year is of 1% of the value of the house ($150,000), so it is of $1500 per year (150,000/100). Per month, property tax is of $125 (125x12: 1500).
Home insurance per year is of $360, which is $30 per month (30x12: 360).
PMI per month is of $45.
So, to know how much we have to pay per month we have to add every monthly value, and the resulting value will be the total monthly payment.
So: 980 + 105 + 125 + 30 + 45 = 1285
The total montly payment is of $1285
