The Petersons want to buy a condoin Oregon. This will be their first property. Their combined gross annual salary is $108,000. They estimate that the property taxes are $2,400/year,strata fees $200/month and heating costs average $65/month. Banks use the affordability rule: no more than 32% of gross monthly household income can go towards paying the mortgage, property taxes, heating costs and 50% of the condo fees.

What is the maximum monthly mortgage payment they could afford?