About the maximum mortgage

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Reference no: EM131870840

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? (Do not round intermediate calculations. Round your answer to the nearest whole number.)

Maximum Mortgage $

Reference no: EM131870840

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