Can I afford this home? $-$ Part $1$

Can Abigail and Alexander Afford This Home Using the Monthly Income Loan Criterion?

Next week, your friends Abigail and Alexander want to apply to the Third Universal Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $$245,000.$ Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. $($Note: When completing the form, round each dollar amolifnt to the nearest whole dollar.$)$

To assist in the preparation of the worksheet, Abigail and Alexander also collected the following information:

Their financial records report a combined gross before$-$tax annual income of $$85,000$ and current $($premortgage$)$ installment loan, credit card, and car loan debt of $$1,240$ per month.

Their property taxes and homeowner's insurance policy are expected to cost $$3,063$ per year.

Their best estimate of the interest rate on their mortgage is $7\mathrm{.}5\%,$ and they are interested in obtaining a $15-$year loan.

They have accumulated savings of $$56,500$ that can be used to satisfy the home's down payment and closing costs.

The lender requires a minimum $20\%$ down payment, and an affordability ratio that ranges from a minimum of $25\%$ to a maximum of $30\%.$

A table of monthly payments $($necessary to repay a $$10,000$ loan$)$ follows:

Loan Maturity

$\backslash$table$[[$Interest Rate $(\%),10$ Years,$15$ Years,$20$ Years,$25$ Years,$30$ Years$],[5\mathrm{.}0,106\mathrm{.}0655,79\mathrm{.}0794,65\mathrm{.}9956,58\mathrm{.}4590,53\mathrm{.}6822]]$

A table of monthly payments $($necessary to repay a $$10,000$ loan$)$ follows:

Loan Maturity

$\backslash$table$[[$Interest Rate $(\%),10$ Years,$15$ Years,$20$ Years,$25$ Years,$30$ Years$],[5\mathrm{.}0,106\mathrm{.}0655,79\mathrm{.}0794,65\mathrm{.}9956,58\mathrm{.}4590,53\mathrm{.}6822],[5\mathrm{.}5,108\mathrm{.}5263,81\mathrm{.}7083,68\mathrm{.}7887,61\mathrm{.}4087,56\mathrm{.}7789],[6\mathrm{.}0,111\mathrm{.}0205,84\mathrm{.}3857,71\mathrm{.}6431,64\mathrm{.}4301,59\mathrm{.}9551],[6\mathrm{.}5,113\mathrm{.}5480,87\mathrm{.}1107,74\mathrm{.}5573,67\mathrm{.}5207,63\mathrm{.}2068],[7\mathrm{.}0,116\mathrm{.}1085,89\mathrm{.}8828,77\mathrm{.}5299,70\mathrm{.}6779,66\mathrm{.}5302],[7\mathrm{.}5,118\mathrm{.}7018,92\mathrm{.}7012,80\mathrm{.}5593,73\mathrm{.}8991,69\mathrm{.}9215],[8\mathrm{.}0,121\mathrm{.}3276,95\mathrm{.}5652,83\mathrm{.}6440,77\mathrm{.}1816,73\mathrm{.}3765],[8\mathrm{.}5,123\mathrm{.}9857,98\mathrm{.}4740,86\mathrm{.}7823,80\mathrm{.}5227,76\mathrm{.}8913],[9\mathrm{.}0,126\mathrm{.}6758,101\mathrm{.}4267,89\mathrm{.}9726,83\mathrm{.}9196,80\mathrm{.}4623],[9\mathrm{.}5,129\mathrm{.}3976,104\mathrm{.}4225,93\mathrm{.}2131,87\mathrm{.}3697,84\mathrm{.}0854],[10\mathrm{.}0,132\mathrm{.}1507,107\mathrm{.}4605,96\mathrm{.}5022,90\mathrm{.}8701,87\mathrm{.}7572]]$