You are going to purchase a house which costs $330,000. Your annual income is currently $72,000. The
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Question:
You are going to purchase a house which costs $330,000. Your annual income is currently $72,000. The bank you are going to get the mortgage from uses a 28% qualifying rate (a maximum of 28% of your gross monthly income can go to your monthly payment).
How much will you need to put down in order to buy this house?
Use the following parameters:
30 year mortgage,
5.65% annual interest rate
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: