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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation using the Total Debt Service
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation using the Total Debt Service ratio.
Monthly gross income | $ | 2,650 | |
Down payment to be made (percent of purchase price) | 20 | percent | |
Other debt (monthly payment) | $ | 145 | |
Monthly estimate for property taxes and insurance | $ | 230 | |
25-year loan at | 7.0 | percent |
Affordable monthly mortgage payment | $ | |
Affordable mortgage amount | $ | |
Affordable home purchase price | $ | |
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