It's a single equation with 3 variables. The monthly payment, the rate and the duration.
The payment is about 50% of the typical salary in the area. The rate is set by the economy. The duration is determined by the two other variables, it's not adjustable on its own.
If you raise rate, and assume pmt, fv constant you must increase n or decrease pv. My original point was that pv (loan value must come down) secondarily, n increases.
It's a single equation with 3 variables. The monthly payment, the rate and the duration.
The payment is about 50% of the typical salary in the area. The rate is set by the economy. The duration is determined by the two other variables, it's not adjustable on its own.