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Borrower Noah is getting a $200,000, fixed-rate, 30-year loan at 5% interest to purchase a condominium. The monthly payment of principal and interest is $1,073. Property taxes for this property are $3,900 per year. An annual homeowner's insurance policy is $864. The monthly condo association fee is $180. What is Noah's monthly PITI payment

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anthougo

Noah's monthly PITI payment is $2,442.

Data and Calculations:

Principal and Interest Payment = $1,073

Property taxes (monthly) = $325 ($3,900/12)

Insurance Payment = $864

Condo association fee = $180

Noah's monthly PITI payment = $2,442

Noah's PITI represents the total monthly mortgage expenses, facilitating both the buyer and the lender to determine the mortgage affordability.  While PITI does not include the Condo association fee in the acronym, the fee is included in calculating the total PITI. This inclusion is because PITI is an estimate of Noah's total monthly housing costs.

Thus, Noah's monthly PITI payment is $2,442.

Learn more about PITI (principal, interest, taxes, and insurance) here: https://brainly.com/question/1395659

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