Duane Miller wants to know what price home he can afford. His annual gross income is $64,800. He has no other debt expenses and expects property taxes and insurance to cost $390 per month. He knows he can get a 6.004, 15 year mortgage so his mortgage payment factor is 8.43. He expects to make a 20% down payment. What is Duane's affordable home purchase price? Affordable monthly mortgage = (0.33 monthly gross income) - (property taxes and insurance), Affordable monthly mortgage Affordable mortgage amount $ 1000 Mortgage payment factor Afforable mortgage amount Affordable home purchase price (1 - % down payment) $155 542 $256.752 S227 278 $206, 406 $185,820