A buyer purchased a home for $125,000 putting up a good down payment of 20% of the purchase price, and financing the balance on a 25-year amortized loan with interest at 8.25% per annum. The bank requires monthly impounds for property taxes of $750 per year and casualty insurance costing $945 for a three year policy. Assuming that the first monthly payment on the principal is $155, the total amount the buyer will have to pay the first month will be approximately:
