Question: Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 4.50 percent. Assume they have other debt payments

Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is

4.50

percent. Assume they have other debt payments totaling

$500

per month and a combined annual income of

$45,500.

Monthly escrow payments for real estate taxes and homeowner's insurance are estimated to be

$125.

(Assume a 36 percent maximum of annual income for total debt and escrow payments.)

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