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Giselle wants to buy a condo that has a purchase price of $163,000. giselle earns $2,986 a month and wants to spend no more than 25% of her income on her mortgage payment. she has saved up $33,000 for a down payment. giselle is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. what modification can be made to this loan to make it a viable option, given giselle’s situation? a. change to a 15 year fixed loan b. change the interest to 5.5% c. change the down payment to 18% down d. none. this is a viable option for giselle.

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The modification that can be made to make it viable is to change the interest to 5.5%.

What is a mortgage payment?

A mortgage payment is a payment back of a home loan. It's how you repay the home loan.

The purchase price is $163,000

Money earned per month is $2,986

Not willing to spend more than 25%

The down payment is $33,000

The down rate is 20%

If he changes the interest rate to 5.5%, the total payments made on an annual basis will cost less.

Thus, the correct option is b. change the interest to 5.5%.

Learn more about a mortgage payment

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