You are securing a loan for a home that you are purchasing in Troy, Michigan. The buyer is selling the home to you for $230,000. You will be putting a 20% down payment on the home so that you do not need to pay any mortgage insurance. You are seeking a 30-year Fixed Rate Mortgage with a stated rate of 4.25%. You will be closing on the home on March 21, 2021. The seller has paid summer taxes on July 1, 2020 totaling $2,928 and winter taxes on December 1, 2020 totaling $1,098. Your homeowners insurance will total $1,000. Closing costs impacting the TIL statement will total $3,247 and include your prepaid interest to the lender. Your first payment to the lender will be due on May 1, 2021. Your mortgage will include an escrow account for both property taxes and insurance and your lender is using the current property taxes paid by the seller to establish your escrow payment. From all of this information, calculate the following:

What will your total monthly home payment be including the amount you must pay as your monthly escrow payment for taxes and insurance?

Considering the total monthly payment for your home determined above, what is the minimum amount that your total household income needs to be if you are to meet the front portion (the 28% portion) of the 28/36 rule?

What is the amount you owe the lender for prepaid interest that has already been included in your closing cost total?

How much will the lender require you to pay at closing to establish your initial property tax and hazard insurance escrow reserve?

How much do you need to pay back to the seller at closing for property taxes that have been paid by the seller in advance but not yet used or consumed by the seller?

If the sellers taxable value is $80,000 and the price you are paying is generally considered to be the fair market price for the home, what percentage increase in your property taxes should you be prepared to pay in the coming year?