yes. we can afford to put $54,000 towards a down payment on a house. ross so how much would we be able to…

yes. we can afford to put $54,000 towards a down payment on a house. ross so how much would we be able to afford monthly? how much is an affordable monthly mortgage payment for jamie lee and ross using the ability - to - repay (atr) / qualified mortgage (qm) rule? refer to the formulas tab if needed. assume they will pay $550 for taxes & insurance and their interest rate will be 6.5% for 30 years. our assets: -checking account: $4,275 -savings account: $54,600 -emergency fund savings account: $24,575 -ira balance: $24,575 -cars: $11,850 + $22,750 our incomes: -jamie lee: $55,500 gross income ($41,625 net income after tax) -ross: $80,000 gross income ($60,000 net income after tax) our monthly expenses: -utilities: $200 -food: $525 -gas/maintenance: $275 -credit card payment: $0 -car loan payment: $575 -entertainment: $300 we dont have any student loan or credit card balances. but we do have car loans that add up to $11,000.

yes. we can afford to put $54,000 towards a down payment on a house. ross so how much would we be able to afford monthly? how much is an affordable monthly mortgage payment for jamie lee and ross using the ability - to - repay (atr) / qualified mortgage (qm) rule? refer to the formulas tab if needed. assume they will pay $550 for taxes & insurance and their interest rate will be 6.5% for 30 years. our assets: -checking account: $4,275 -savings account: $54,600 -emergency fund savings account: $24,575 -ira balance: $24,575 -cars: $11,850 + $22,750 our incomes: -jamie lee: $55,500 gross income ($41,625 net income after tax) -ross: $80,000 gross income ($60,000 net income after tax) our monthly expenses: -utilities: $200 -food: $525 -gas/maintenance: $275 -credit card payment: $0 -car loan payment: $575 -entertainment: $300 we dont have any student loan or credit card balances. but we do have car loans that add up to $11,000.

Answer

Explanation:

Step1: Calculate total monthly income

Jamie Lee's net - monthly income: $\frac{41625}{12}=3468.75$ dollars. Ross's net - monthly income: $\frac{60000}{12}=5000$ dollars. Total monthly income $I = 3468.75+5000=8468.75$ dollars.

Step2: Calculate total monthly expenses

Total monthly expenses $E=200 + 525+275+575+300 = 1875$ dollars. Also, assume $550$ for taxes and insurance. So the adjusted total monthly expenses $E_{total}=1875 + 550=2425$ dollars.

Step3: Calculate available amount for mortgage

Available amount for mortgage $M=I - E_{total}=8468.75-2425 = 6043.75$ dollars.

Answer:

$6043.75$