Jane and Bob make a combined $144,000 per year.

Jane and Bob have monthly debts of $2,200.

They are looking to purchase a home in Champaign County for $300,000 and they have enough to put a $60,000 down payment towards their house.

Assume that the Assessment Ratio in Illinois is 1/3, they will qualify for the homestead exemption and the tax rate in the area that they are looking is 7.5%.

That they will escrow for taxes and insurance with their annual homeowners insurance costing $720.

Calculate their monthly mortgage payment assuming a 30 year mortgage at 4.75%. In addition, calculate their front-end and back-end ratios.