You correctly calculated your estimated annual homeowner's insurance of $6474.99. The bank will likely require you to pay a prorated monthly amount to be held in escrow until your homeowner's insurance premium is due. Input below the amount of your monthly homeowner's insurance payment.

Question

01-03-2024
Mathematics

contestada

You correctly calculated your estimated annual homeowner's insurance of $6474.99. The bank will likely require you to pay a prorated monthly amount to be held in escrow until your homeowner's insurance premium is due. Input below the amount of your monthly homeowner's insurance payment.

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DianeFBoo01 DianeFBoo01 · Answer 1 · 2024-03-01T20:16:50+01:00

Mark Brainiest Pwease

Answer:

$539.58

Step-by-step explanation:

To calculate the monthly homeowner's insurance payment to be held in escrow, you can follow these steps:

1. Divide the annual homeowner's insurance premium by 12 to find the monthly payment:

$6474.99 / 12 = $539.58

2. Therefore, the monthly homeowner's insurance payment that the bank will likely require you to pay into escrow would be $539.58. This amount ensures that when your homeowner's insurance premium is due, there will be enough money saved up in the escrow account to cover the full amount.

By paying a prorated monthly amount into escrow, you can spread out the cost of your homeowner's insurance over the course of the year, making it more manageable and ensuring that you are prepared when the premium is due.