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Brad and Sam take a 30-year mortgage for a house that costs $240,222. Assume the following: The annual interest rate on the mortgage is 3.4%.

Brad and Sam take a 30-year mortgage for a house that costs $240,222. Assume the following:

  • The annual interest rate on the mortgage is 3.4%.
  • The bank requires a minimum down payment of 15% of the cost of the house.
  • The annual property tax is 2% of the cost of the house.
  • The annual homeowner's insurance is $637.
  • There is no PMI.

If they make the minimum down payment, what will their monthly PITI be?

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