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How much do you have to earn to afford this house

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Reference no: EM132995965

Question - Assume you are interested in purchasing a $350,000 house with the following characteristics:

80% Loan to Value Loan @ 4% interest (30yr, fully amortized)

Property taxes = 1.2% of purchase price per year

Homeowners Insurance = $1,000/yr

Homeowners Association Dues = $200/mo

Payment-to-Income Ratio = 28%

Total Obligations-to-Income Ratio = 35%

Required - How much do you have to earn to afford this house?

Reference no: EM132995965

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