Helena is purchasing a house for $210,000, with a 15-year fixed-rate mortgage at 4.5% interest. She has made a 5% down payment. The house is
valued at $200,000, and the local tax rate is 3.5%. Her homeowners insurance
is $600 per year. What are her total monthly payments? (Use the table below
to calculate PMI premiums.)
Base-To-loan %
Fixed-Rate Loan
30 yrs. 15 yrs
ARM 2% + 1 Year Cap
30 yrs 15 yrs
95.01% to 97%
0.90% 0.79%
n/a
n/a
90.01% to 95%
0.78% 0.26%
0.92%
0.81%
85.01% to 90%
0.52% 0.23%
0.65%
0.54%
85% and Under
0.32% 0.19%
0.37%
0.26%
A. $2654.23
B. $2202.72
C. $2330.20
D. $2894.71