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The Jones’ have $50,000 in savings available for upfront costs on a home purchase. They qualified...

The Jones’ have $50,000 in savings available for upfront costs on a home purchase. They qualified for a 30-year mortgage at 4.5 percent APR. They also expect closing costs to total $4,000. They have budgeted $1,500 per month to allocate to housing costs, including monthly nonfinancing costs of $100 for homeowner’s insurance, $200 for property taxes, $150 for repairs and $50 for maintenance. What is the maximum they can afford to pay for a home? Show your work.

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