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What is the maximum you can pay for a home

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As a single person, you decide to buy a house. You make $6,800 gross income monthly. Current conventional fully amortizing mortgage terms are 6.5%, monthly payments, 30 year term. Assume the real estate taxes are $400 per month and insurance is $90 per month. Based on the traditional housing expense ratio of 28%, what is the maximum you can pay for a home, based on an LTV of 80%?

Reference no: EM132403311

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