Suppose you take out a 20-year mortgage for a house that costs $361015. Assume the...
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Suppose you take out a 20-year mortgage for a house that costs $361015. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 12% at the time of the loan. The annual property tax is 2.5% of the cost of the house. The annual homeowner's insurance is 0.8% of the cost of the house. The monthly PMI is $59 Your other long-term debts require payments of $977 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously?
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