Mortgage affordability. Dhuha and Omar have an annual income of
$183,408 and want to buy a home. Currently, mortgage rates are 4.25
percent. They want to take out a mortgage for 30 years. Real estate
taxes are estimated to be $9,764 per year for homes similar to what
they would like to buy, and homeowner’s insurance would be about
$2,504 per year.
Using a 28 percent front end ratio, what are the total monthly
expenditures for which they would qualify?...