What is the max price you can pay for house

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Reference no: EM131333688

You and your spouse wish to buy a house. Together you make $60,000 gross (before taxes) per year. You loan officer said your house payment (principal and interest) cannot exceed 28% of your gross monthly income. If your loan officer said that she could offer you a 30 year fixed rate loan with a 3% nominal rate compounded monthly, how big a loan can you and your spouse get? If you and your spouse had enough funds for a 20% down payment on a house, what is the max price you can pay for a house? What would the down payment be?

Reference no: EM131333688

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