When you obtain a mortgage loan, the bank may require you to include with your monthly principal and interest payment an amount equal to 1/12 of the amounts needed to pay your real estate taxes and fire insurance premium.
The bank places the money in an escrow account. When the real estate taxes and insurance premium are due, the bank uses the money from the escrow account to make the payments.
Nash and Sally Rambler own a brick home with a market value and replacement value of $375,000. They have insured the home at 80% of the replacement value. The Rambler’s live in an area that is rated fire protection class 9, the rate of assessment in their county is 40%, and the tax rate is 52.64 mills. Their monthly principal and interest payment is $2332.50. How much is the monthly payment for principal, interest, real estate taxes, and insurance?
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