Pre-Calc Finance Project
She can afford a monthly payment of $3647.22
She is also eligible to borrow $708,410.83 from the bank, since the interest rate for a 30 year fixed late loan is 4.625%
Harper can buy a house!
Her monthly minimum mortgage payment would be $3161.96.
If she increased her payment by 15%, she would be paying a monthly mortgage payment of $3636.25. This could be beneficial to Harper, since it could save her $140,939.31 over time.
Increasing her monthly payment by 15% could also save her about 7.14 years on her 30 year mortgage.