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Suppose you take out a 30-year mortgage for a house that costs $405,846. Assume the following: The annual interest rate on the mortgage is 5%.

Suppose you take out a 30-year mortgage for a house that costs $405,846. Assume the following:

  • The annual interest rate on the mortgage is 5%.
  • The bank requires a minimum down payment of 16% at the time of the loan.
  • The annual property tax is 1.6% of the cost of the house.
  • The annual homeowner's insurance is 0.8% of the cost of the house.
  • There is no PMI

If you make the minimum down payment, what will your monthly PITI be?

Round your answer to the nearest dollar.

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