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You wish to buy your first home. Your annual gross income is $84,000. You also have monthly payments for your car loan ($300) and your
You wish to buy your first home. Your annual gross income is $84,000. You also have monthly payments for your car loan (\$300) and your student loan (\$500). (Round your answer to the nearest dollar, if necessary) If your lender requires that your PITI plus debt payments is no more than 38% of your monthly income, then how large a PITI payment can you afford? \$ If you estimate that your monthly insurance and property tax payments will be about $300, then what is your largest affordable mortgage payment? $ If you have qualified for a 30-year, 5.5\% mortgage, what is the most you can borrow, based on your largest affordable mortgage payment (use mortgage factors table)? $ If your lender requires a 20% down payment, what is the most you can afford to pay for a home, based on the size of your mortgage
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