You want to buy a house and want to know how much you can borrow (i.e.,...

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You want to buy a house and want to know how much you can borrow (i.e., how big a mortgage you expect to be able to get). You can pay $1,500 per month on the mortgage, and the interest rate on the mortgage is a 4.5% APR. How much do you expect to be able to borrow if you take a 30-year mortgage? You want to buy a house and want to know how much you can borrow (i.e., how big a mortgage you expect to be able to get). You can pay $1,500 per month on the mortgage, and the interest rate on the mortgage is a 4.5% APR. How much do you expect to be able to borrow if you take a 30-year mortgage?

Answer rating: 100% (QA)

To calculate the mortgage amount you can afford to pay we can use the formula for a mort... View the full answer