Question

You friend Stephen is planning to buy a house. He believes he can afford a mortgage payment of $3,750 per month. The current interest rate on a 30 year mortgage is 3.25% per year. What is the largest mortgage he can afford based on a 30 year loan if the lender requires a 20% downpayment? How much does he need in down payment for the most expensive house he can afford? ]

Answer #1

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A buyer can afford no more than $500 per month for mortgage
payments (principal and interest). The most favorable loan availabe
to him requires monthly payments for 30 years at 10%. If the lender
allows a maximum loan to value ration of 90%, what is the most
expensive house the borrower can purchase assuming he has the
necessary down payment?

You are planning to buy a house today. The house costs $400000.
You have $57000 in cash that you can use as a down payment on the
house, but you need to borrow the rest of the purchase price. The
bank is offering a 30 -year mortgage that requires annual payments
and has an EAR of 8% per year. What will be your annual mortgage
payment?

1.)
You
want to buy a house in Hermosa Beach CA, but you can only afford to
make monthly payments of $7,100. The interest rate on mortgages
right now is 4.25% p.a. with monthly compounding (APR), fixed for
30 years, with monthly payments. You have $155,000 saved to use as
a downpayment. What is the most that you can afford to pay for a
house (ignoring closing costs, property taxes, etc..)?
Answer: $1,598,265.76
2.)
Under
the same assumptions described in...

A homeowner is looking to buy a home in Marvin Gardens. The most
he can afford to pay in total is $1,800 per month. Yearly property
taxes will be about $3,000 (escrowed monthly) and insurance is $110
per month. There are no other costs. If mortgage rates are 6.25%
for a 30-year fixed-rate mortgage, how large can his mortgage be?
If his parents give him $20,000 for a down payment, what is the
most he can pay on a house...

if
sally mander can afford 1100 monthly mortgage payment (30 years )
and she plans to put 20% down in the current mortgage rate is 7%
how expensive of a house is he planning to purchase
$132270
$165338
$198406
$206673

Estimate the maximum house value you can afford to buy. Assume
the mortgage is fixed rate, 30-year maturity, 80% LTV, with no
points. The interest rate is quoted is 3.5% with monthly payments.
The property tax rate in the city is 0.7% per year based on
property value; the hazard insurance premium is 0.5% per year based
on property value, and that on average you should consider $50 per
month for maintenance. Determine the required monthly payment for
the mortgage...

A homeowner is looking to buy a home in Marvin Gardens. The most
he can afford to pay in total is $1,800 per month. Yearly property
taxes will be about $3,000 (escrowed monthly) and insurance is $110
per month. There are no other costs.
If his parents give him $20,000 for a down payment, what is the
most he can pay for a house with a 15-year mortgage if the interest
rate is 5.50 percent?

1)You want to buy a house and wonder what you can afford. Banks
look at collateral, creditworthiness and capacity (ability to pay)
when making loans. Assume you have sufficient down payment and
credit score. Your bank has a requirement of 28% housing expense
ratio and your gross annual income is $69,000.
Based on those assumptions, how much can you afford to
pay in total housing costs each month?
2) You are looking to purchase a new home that is listed...

Katherine and Ryan want to purchase a new house and feel that
they can afford a mortgage payment of $1000 a month for 25 years.
They are able to obtain a 6% mortgage (compounded monthly), but
must put down 10% of the mortgage value of the house now. Assuming
that they have enough savings for the down payment, how expensive
of a house can they afford?
They can afford a $ house.

You would like to buy a house that costs $ 350,000. You have
$50,000 in cash that you can put down on the house, but you need
to borrow the rest of the purchase price. The bank is offering you
a 30-year mortgage that requires annual payments and has an
interest rate of 9% per year. You can afford to pay only $28,320
per year. The bank agrees to allow you to pay this amount each
year, yet still borrow...

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