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QUESTION DETAIL
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At today's rates, what is the maximum (only principle and interest, NOT taxes and insurance) amount of a mortgage that one can apply for and have a monthly payment of $850. Run these numbers at the following interest rates: 4%, 5% and 6%.
ANSWER
The BIDaWIZ Team's Answer:
Assuming a monthly payment of $850, a 30 year mortgage, the maximum borrowing at 4, 5 & 6% rates are: for 4% the maximum loan would be $178,000, at 5% it would be $158,400, and at 6% it would be $141,700.
