The monthly PITI payment will be $618.90.
<h3>How to calculate the payment?</h3>
Price of property after discount = 105000 – 5000 = $100000
Loan amount = 80% of the price after discount = $80000
Monthly interest rate R = 5.5%/12 = .458%
Let, the monthly payment (without tax and insurance) = EMI
Time (n) = 360 months (30 years)
Then,
80000 = EMI*(1-1/(1+R)^360)/R = EMI*(1-1/1.00458^360)/.00458
80000 = EMI*176.1996
EMI = 80000/176.1996
EMI = $454.03
Final PITI EMI = EMI + monthly tax + monthly insurance
Final PITI EMI = 454.03 + 1494/12 + 480/12
Final PITI EMI = 618.90
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