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Thread: mortgage payment

  1. #1
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    mortgage payment

    you and your partner have combined gross annual income of $105000 your mortgage payment is $875/month. heating oil average $165/month and property tax are $2700 annually other monthly expenses total approximately $1150


    a) calculate the GDS ratio and TDS ratio



    b) you are considering moving to larger home and taking on abigger mortgage. are you in agood financila positio to do this? explain.


    PLEASE HELP


    THNANKZ
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  2. #2
    Junior Member Cervesa's Avatar
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    Re: mortgage payment

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  3. #3
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    Re: mortgage payment

    A)

    GDS = (12(875 + 165) + 2700)/105000 * 100% = 14.46%
    TDS= (12(875+165)+2700+1150) )/105000 *100%*100=15.55%

    B)
    i think my expenses is more than my income... so living within your means is more safer.

    please check my answers
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