Calculate the affordable mortgage amount

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Reference no: EM13878035

Calculate the affordable mortgage amount that would be suggested by a lending institution based on Jamie and Ross's income which is $45,000 & 70,000. How does this compare with the traditional financial guideline which is the two and a half times your salary plus the down payment.

Use the following amounts for Jamie & Ross's calculations.

-10% down payment

-28% for TIPI

-$500.00 per month for estimated combined property taxes and insurance

-5% interest rate for 30 years (5.37)

Reference no: EM13878035

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