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What would be the maximum price of house

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Problem - Suppose that upon graduation you decide to buy a house in Riverside. You have $5,000 of cash saving that you can put for down payment. Let's ignore other fees and taxes. The fixed annual interest rate that is available for your 30 years mortgage loan is 4.0%. Given your spending patterns, you are willing to pay up to $1,500 per month during the mortgage loan period. What would be the maximum price of house that you may look for? Show your calculation steps assuming that your mortgage payments start right away.

Reference no: EM132988181

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