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Annual property tax payments

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You have just signed a contract to purchase your dream house. The price is $120,000 and you have applied for a $100,000, 30-year, 5.5 percent loan. Annual property taxes are expected to be $2,000. Hazard insurance will cost $400 per year. Your car payment is $400, with 36 months left. Your monthly gross income is $5,000.

Calculate:

a. The monthly payment of principal and interest (PI).

b. One-twelfth of annual property tax payments and hazard insurance payments.

c. Monthly PITI (principal, interest, taxes, and insurance).

d. The housing expense (front-end) ratio.

e. The total obligations (back-end) ratio.

Reference no: EM133069878

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