Home affordability analysis. Use Worksheet 5.3. Selma and Rodney Jackson need to calculate the amount that they can afford to spend on their first home.They have a combined annual income of 47,500 and have 27,000 available for a down payment and closing costs. The Jacksons estimate that homeownerâ€™s insurance and property taxes will be 250 per month. They expect the mortgage lender to use a 30 percent (of monthly gross income) mortgage payment affordability ratio, to lend at an interest rate of 6 percent on a 30-year mortgage, and to require a 15 percent down payment. Based on this information, use the home affordability analysis form in Worksheet 5.3 to determine the highest-priced home that the Jacksons can afford.