Annual Gross Income $78000 ($6500)
Personal Monthly loan payment $150
Car Loan Payments $775
Credit Card Monthly Payment
Monthly estimate for property taxes, heat, and insurance $585
25 year loan at 6.5 percent
A. Use the GDS ratio to determine how much of a monthly payment they can afford
B. Using the GDS ratio: if they have 20% to put down, what is the maximum amount they can pay for the house?
C. If they decide to buy a condo with monthly condo fees of $300 will that affect how much they can afford? If so what is the maximum they can pay for the condo?