Estimate the affordable monthly mortgage payment for the following situation.

Monthly gross income

$2,950

Other debt (monthly payment)

$160

30-year loan 

6 percent

Down Payment

15 percent of purchase price

Monthly estimate for property taxes and insurance

$210

Guideline for PITI without debt

33 percent

Guideline for PITI with debt

38 percent

To estimate the affordable monthly mortgage payment (PITI: Principal, Interest, Taxes, and Insurance) for this situation, we will follow these steps:

1. **Calculate monthly gross income**: Given as $2,950.

2. **Guideline for PITI without debt**: 33% of the monthly gross income.
   \[
   \text{PITI}_{\text{without debt}} = 0.33 \times 2,950 = 973.50
   \]
   
3. **Guideline for PITI with debt**: 38% of the monthly gross income minus other debt payments.
   \[
   \text{Debt-adjusted income} = 2,950 - 160 = 2,790
   \]
   \[
   \text{PITI}_{\text{with debt}} = 0.38 \times 2,790 = 1,060.20
   \]

4. **Affordable PITI range**: The affordable monthly payment should lie between the values calculated for PITI with and without debt, i.e., between $973.50 and $1,060.20.

5. **Account for property taxes and insurance**: 
   The monthly estimate for property taxes and insurance is $210, so subtract that from the affordable PITI.
   \[
   \text{PITI}_{\text{without debt, mortgage payment}} = 973.50 - 210 = 763.50
   \]
   \[
   \text{PITI}_{\text{with debt, mortgage payment}} = 1,060.20 - 210 = 850.20
   \]

6. **Affordable monthly mortgage payment**:
   The affordable mortgage payment (excluding taxes and insurance) lies between $763.50 and $850.20.

### Final Answer:
The estimated affordable monthly mortgage payment (excluding taxes and insurance) is between **$763.50 and $850.20**.

Would you like details on the calculation method, or any other clarifications?

### Related Questions:
1. How does the down payment affect the total loan amount?
2. How does the interest rate impact the monthly mortgage payment over 30 years?
3. What is the impact of increasing the down payment on the monthly mortgage?
4. How can refinancing help lower monthly payments?
5. How does the inclusion of taxes and insurance vary by region?

### Tip:
Paying off or reducing other debts could increase the affordable mortgage amount since less income is allocated to debt payments.

Estimate the affordable monthly mortgage payment for the following situation.

Monthly gross income
$2,950
Other debt (monthly payment)
$160
30-year loan 
6 percent
Down Payment
15 percent of purchase price
Monthly estimate for property taxes and insurance
$210
Guideline for PITI without debt
33 percent
Guideline for PITI with debt
38 percent

Learn how to estimate an affordable monthly mortgage payment by calculating PITI (Principal, Interest, Taxes, and Insurance) based on a user's gross income, other debt, loan duration, and interest rate. The solution explains the effect of debt ratios and property taxes on mortgage payments. Suitable for students and individuals learning basic mortgage calculations.

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