Suppose that you had budgeted $2,500 for your monthly housing expense (PITI & maintenance). You estimate that you monthly maintenance expense will be about $80, you homeowners insurance will be about $120 per month, and you annual real estate taxes at $2,400. Youve been approved for a 7%, 30 year mortgage. Which of the following best approximates the market value of the house that fits your budget?

$238,250

$275,540

$356,100

$312,700