You are purchasing a new house for $350,000.

You are required to pay 20% as down payment.

In addition to the house price, the real-estate agent charges you 3% of the house value as commission, and other closing costs are $15,000.

You have only enough money to pay for the down payment. You can finance the rest of all costs through a 30 year loan.

To payoff the loan, you agree to pay equal monthly payments that included principal payments plus 5% compound interest on the unpaid balance over the next 30 years.

Calculate your equal monthly mortgage payments.