This example is continued from Mortgage.
Your client would also like to know what the entire monthly escrow payment will be. If insurance is an estimated $800 per year, taxes are an estimated $2500 per year, and she will pay $300 per year to the community association, what will the PITI Payment be? (There is no mortgage insurance since the down payment is for 20%.)
| Variable | Enter |
|---|
| Home Ins | 800 |
| Mortgage Ins | 0 |
| Taxes | 2,500 |
| Tax Type | Tax/Year |
| Other | 300 |
PITI should compute automatically. The estimated monthly escrow payment will be $2,634.95.
