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You new job in Texas pays you $ 1 2 0 , 0 0 0 per year and you realize condo prices in Dallas are

You new job in Texas pays you $120,000 per year and you realize condo prices in Dallas are reasonable compared to anywhere on the East Coast. As a result, you decide to try to buy a condo rather than rent an apartment. Your real estate agent urges you to get pre-qualified for the most mortgage you can and introduces you to her boyfriend who happens to be a mortgage broker.
He explains that you can devote up to 43% of your pre-tax income towards your total monthly payments. You identify your car payment of $350 per month, car insurance of $50 per month, student loan payments of $300 per month and budget that Condo fees will be $200 per month.
If 30 year fixed rate mortgages are yielding 7%, what is the most mortgage loan you can get?

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