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Assume you buy a home for $165,000 and get a 25-year 8% $145,000 mortgage loan, with monthly payments (PI) of $1,119.13. The lender requires that

Assume you buy a home for $165,000 and get a 25-year 8% $145,000 mortgage loan, with monthly payments (PI) of $1,119.13. The lender requires that you maintain an escrow account for payment of property taxes and insurance. Property taxes are currently $2,125 per year and insurance is currently $575 per year. What will your total monthly payment (PITI) be?

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