Emma Jones is planning to move to Oxford, MS to start her new job at a real estate firm. She has not yet decided whether she wants to rent or buy a property in Oxford. Emma is not from Mississippi and is asking your team to help her make this financial decision. Her monthly housing budget is $1,400. Assume the mortgage that terms that Emma will have are based on a fixed rate, 30-year maturity, 80% LTV, with no points. The mortgage interest rate that she was quoted is 4.25% with monthly payments. Assume that property tax rate in the city of Oxford is 1.2% per year based on property value; assume the hazard insurance premium is 0.7% per year based on property value and assume $60 per month for maintenance. Determine the required monthly mortgage payment and the maximum house value she can afford if she buys.