Answer:
$1,285
Explanation:
mortgage monthly payments include: principal plus interests, but some mortgage loans can also include real estate taxes and insurance. Both real estate taxes and insurance annual premiums must be divided by 12 months in order to determine their monthly expense:
- principal per month = $980
- interest per month = $105
- real estate taxes 1% of home value = $150,000 x 1% = $1,500 / 12 months = $125
- home insurance per year = $360 / 12 months = $30
- PMI (insurance) per month = $45
total monthly payment = $980 + $105 + $125 + $30 + $45 = $1,285
