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What is the minimum gross monthly salary

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Reference no: EM132705276

Suppose you take a 10-year mortgage for a house that costs $238,381. Assume the following:

  • The annual interest rate on the mortgage is 3.4%.
  • The bank requires a minimum down payment of 13% of the cost of the house.
  • The annual property tax is 1.4% of the cost of the house.
  • The annual homeowner's insurance is $945.
  • The monthly PMI is $95.
  • Your other long-term debts require payments of $1,953 per month.

If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule? Round your answer to the nearest dollar.

Reference no: EM132705276

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