The affordable monthly mortgage payment is $1200.
Given,
Maximum monthly payment = 48000/12 *38% = 1520
Allowed for mortgage = 1520-320 = 1200
The answer is $1200
A mortgage payment is normally made of 4 components: major, interest, taxes, and insurance. The most important component is the quantity that will pay down your extraordinary mortgage quantity.
PITI is an acronym for foremost, interest, taxes, and insurance—all of the usual components of a mortgage payment. due to the fact that PITI represents the total monthly loan charge, it facilitates both the buyer and the lender to determine the affordability of an individual mortgage.
Most loans are repaid in parts: principal and interest (P&I). This includes repaying the cash you borrowed in conjunction with interest to the financial institution. but in relation to a mortgage loan, P&I are not your best costs. You furthermore may should pay for home owner's coverage and assets taxes.
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