Present value, P = 275000-35000=240000
interest per month, i = 0.0305/12
ASSUME repayment period = 30 years = 360 months
then monthly repayment
=P(i(1+i)^n)/[(1+i)^n-1]
=240000*(0.0305/12)*(1+0.0305/12)^360/((1+0.0305/12)^360-1)
=$1018.33
Monthly taxes
= 275000*0.015/12=343.75
Total monthly payment
=1018.33+343.75
=$1362.08 (NOTE: for a 30 year fixed mortgage)
