1. The money you can borrow is $987,474.64. Calculation given below:
Monthly interest rate=6.125%/12=0.510%
Total number of months you have to pay EMI=30*12=360 months
2. If the property value is X (Say) then
X*60%= 987,474.64 or X=$1645791.07
So, property value is $1,645,791.07
3. Equity needed to buy the property= (1,645,791.07- 987,474.64)=$6,58,316.4
4. Suppose, X is the amount I can borrow
So, X*0.510%=6000 or X=$1,176,471
So, I can borrow $1,176,471
5. Now the value of property I can buy= 1,176,471/0.6=$1960785
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