my mistake, here are the updated figures

Exhibit 7-6 Housing Affordability and Mortgage Qualification Amount Example A Example B $48,000 - 12 $48,000 - 12 Step 1: Determine your monthly gross income (annual income divided by 12). Step 2: With a down payment of at least 5 percent, lenders use 33 percent of monthly gross income as a guideline for PITI (principal, interest, taxes, and insurance) and 38 percent of monthly gross income as a guideline for PITI plus other debt payments. $ 4,000 X 0.38 $ 1,520 $ 4,000 x 0.33 $ 1.320 Step 3: Subtract other debt payments (e.g., payments on an auto loan) and an estimate of the monthly costs of property taxes and homeowner's insurance. -380 -300 -300 (a) Affordable monthly mortgage payment $ 840 $ 1,020 Step 4: Divide this amount by the monthly mortgage payment per $1,000 based on current mortgage rates-an 8 percent, 30-year loan, for example (see Exhibit 7-7)- and multiply by $1,000 - $ 7.34 x $ 1.000 :$ 7.34 X $ 1,000 (b) Affordable mortgage amount. $114,441 $138,965 0.9 0.9 Step 5: Divide your affordable mortgage amount by 1 minus the fractional portion of your down payment (e.g., 1 - 0.1 with a 10 percent down payment). (c) Affordable home purchase price $127.157 $154,405 Term Rate 30 Years 25 Years 20 Years 15 Years 3.0% Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) $4.22 $4.74 $5.55 $6.91 3.5 4.49 5.01 5.80 7.15 4.0 4.77 5.28 6.06 7.40 4.5 5.56 6.33 7.65 5.07 5.37 5.0 5.85 6.60 7.91 5.5 5.68 6.14 6.88 8.17 6.0 6.00 6.44 7.16 8.44 6.5 6.75 7.46 8.71 6.32 6.65 7.0 7.07 7.75 8.99 7.5 6.99 7.39 8.06 9.27 8.0 7.34 7.72 8.36 9.56 Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $ 3,150 $ 180 5 percent 10 percent $ 230 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase