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Business, 12.03.2020 21:56 Demarco17

Hector and Maria have been married for almost one year now and are thinking about buying a house. Together they make $8,000 in gross monthly income. Between them they have monthly payment of $300 in student loans and $500 in car loans. Estimated monthly real estate tax and insurance $250. Funds available for down payment and closing costs $60,000 where closing costs is $10,000.
Local bank is currently offering an APR of 8% (compounded monthly) with a loan maturity of 30 year. Minimum down payment is 20%.

Based on the 36 percent rule, what is their maximum monthly mortgage payment?

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