A prospective homeowner knows that the monthly mortgage payment on a house that is for sale will be $738. The current owner says that the annual property tax bill for the upcoming year has been set at $2,542 and will not be reassessed until next year. Fire insurance is supposed to be the same as last year, $900. What would be the prospective homeowner’s total monthly costs for the mortgage, property tax, and insurance bills?

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.