What is the minimum gross monthly salary you must earn

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Reference no: EM132786208

Question - Suppose you take out a 20-year mortgage for a house that costs $391,328. Assume the following:

The annual interest rate on the mortgage is 5%.

The bank requires a minimum down payment of 18% 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 $64

Your other long-term debts require payments of $782 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?

Reference no: EM132786208

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