Determine ratio of mortgage payment to gross monthly income

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Reference no: EM131050357

Please calculate your loan application with 28/36% rule and show the clear and step-by-step calculation. Part A : Calculate the 28% rule [1] Determine the total monthly payment for principle and interest. Please use the mortgage and interest monthly payment from question 1. Your tax escrow is $1,000 and insurance escrow is $125. [2] Determine your monthly income [3] Determine the ratio of mortgage payment to gross monthly income.

Reference no: EM131050357

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