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QUESTION

You wish to purchase a home and have been very successful in saving $12,000 for a down payment. You can get a 30 year mortgage at a fixed rate of 11....

You wish to purchase a home and have been very successful in saving $12,000 for a down payment. You can get a 30 year mortgage at a fixed rate of 11.5%. The most you can afford is $630 / month for payment. You plan to be married soon and your partner can contribute $250/month toward the monthly payment, but nothing toward the down payment.  

What's the maximum you can pay for a house?

Please use the financial calculator method to answer this question.

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