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Problem 9-4 Estimating a Monthly Mortgage Pas Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round tlme value factor to 2 decimal places, Intermedlate and final answers to the nearest whole number.) Mortgage Costs $ 5,150 2e $ 3ee $ 400 6.5 Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Percent Percent Affordable Amount Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price $48,000 + 12 $48,000+ 12 Step t Determine your monthly gross income (annual income divided by 12). $4,000 $4,000 Step 2: With a down payment of at least 5 percent lenders use 30 percent of monthly gross income as a qudeline for PITI (principal, interest, taxes, and insurance and 38 percent of monthly gross income as a guideline for PITI plus other debt payments . -380 - -300 -300 Step 3: Subtract other debt payments (e.o.. payments on on auto loon) and an estimate of the monthly costs of property taxes and homeowner's Insurance. 1o) Affordable monthly mortcode poyment Step 4 * $1.000 - $1.000 Divide this amount by the monthly mortgage payment per $1.000 based on current mortgage rates percent. 30year loan, for ezemol-1--- Exhibit 9.90) - and mulusly by $1000 b) Afordoble mortaoge omount Step 5. Duide your stordable - 25 Years m Rate $5.55 $6.91 3.09 5.01 5.80 6.06 5.56 6.60 7.75 8.98 8.05