Matt has found a condominium in an area where he would enjoy living. He would need a $1200 down payment from his savings and would have to pay closing costs of $3000 to purchase the condo. His monthly mortgage payments would be $950, including property taxes and insurance. The condominium's board of directors charges maintenance fees of $300 per year. Calculate the cost of Matt's condo during the first year if he currently has the $12000 down payment invested in an account earning 5 percent interest, compounded annually, after tax?

The cost of Matt's condo during the first year is $...?