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The Jones have $72,000 in savings available for up-front costs on a home purchase. They qualified ...

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The Jones have $72,000 in savings available for up-front costs on a home purchase. They qualified ...

The Jones have $72,000 in savings available for up-front costs on a home purchase. They qualified for a 30-year mortgage at 5.5% APR. They also expect closing costs to total $3,000. They have budgeted $2,500 per month to allocate to housing costs, including monthly nonfinancing costs of $150 for homeowner's insurance, $585 for property taxes, $130 for repairs, and $60 for maintenance. What is the maximum they can afford to pay for a home?

▸ $672,217

▸ $346,392

▸ $509,304

▸ $349,392

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Personal Finance

Edition: 2^nd

Author: Bajtelsmit

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