Suppose you take out a 20-year mortgage for a house that costs $472858. Assume the following: The
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Question:
Suppose you take out a 20-year mortgage for a house that costs $472858. Assume the following:
- The annual interest rate on the mortgage is 4%.
- The bank requires a minimum down payment of 20% at the time of the loan.
- The annual property tax is 2.1% of the cost of the house.
- The annual homeowner's insurance is 1.5% of the cost of the house.
- The monthly PMI is $70
- Your other long-term debts require payments of $899 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?
Round your answer to the nearest dollar.
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