Emma Jones s plain to move this coming summer. She has not yet decided whether she wants to rent or

Emma Jones s plain to move this coming summer. She has not yet decided whether she wants to rent or buy a property here in Mississippi. Her monthly budget is $1500 to cover any housing expenses including rent or owners' costs (example: mortgage, hazard insurance, property taxes, and Home Owner Association fees). Estimated the maximum house value she can afford to buy. Assume the mortgage is fixed rate, 30 years maturity, 80% LTV, with no points. The interest rate that she was quoted is 4.8% with monthly payments. The value; the hazard insurance premium is 0.5% per year, and that on average you should consider $50 per month for maintenance.

Determine the required monthly payment for the mortgage and maximum house value she can afford if she buys?

 

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