How much mortgage can i get for 1200 a month

Asked by admin @ in Biology viewed by 248 People

You are interested in purchasing a home. you can afford $1200 a month as a mortgage payment. how much can you pay for a home assuming a 30 year (360 months) loan at 4.25% interest? (please reference the loan information in the "task 2 data" cells as the arguments for your function.)

Answered by admin @


$243932.24
The formula for the payments you need to make on a loan is
P = (R/(1-(1+R)^(-N)))L
where
P = Payment
R = Interest per payment period
N = Number of periods
L = Loan amount.
Let's calculate the (R/(1-(1+R)^(-N))) portion of the formula where
R = 0.0425/12 = 0.003541667
N = 12*30 = 360
So
(0.003541667/(1-(1+0.003541667)^(-360))) = 0.004919399
So now the simplified formula is
P = 0.004919399 * L
Now substitute the desired value for P and solve for L
P = 0.004919399 * L
1200 = 0.004919399 * L
243932.2409 = L
So the maximum loan you can afford is $243932.24 But it would be recommended that you get a loan for a lower amount since this calculation does not take into consideration any expenses for insurance or taxes.

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