You save $42,355.91 in three years from investments, if at year three, you want to...
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You save $42,355.91 in three years from investments, if at year three, you want to buy a house that is sold at $300,000 and it requires 20% down payment and $5,000 closing costs, can you afford it? Please use the current 30 years fixed mortgage rate to make calculation. You can find the mortgage rates from Yahoo finance or bankrate.com. Currently, mortgage rate is not low. If, alternatively, you want to borrow a 15 years fixed rate mortgage, can you pass the mortgage banks evaluation? Usually the banks dont allow your monthly mortgage payment to exceed 30% of your pretax salary. All others equal, to be qualified for a 15 years fixed rate mortgage borrowing, how much annual salary do you have to make?
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