Jane purchased a house for $100,000 with a down payment of 25% of the purchase price. The balance was financed on a 30-year amortized loan with interest at 8% per annum. The lender requires monthly impounds for property taxes of $1,000 per year and casualty insurance costing $788 for a three year policy. Assuming that the first monthly payment on the principal is $217, the total amount the buyer will have to pay the first month will be approximately:
