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Assignment help 1493

Suppose you take out a 20-year mortgage for a house that costs $280765. Assume the following:

  • The annual interest rate on the mortgage is 4%.
  • The bank requires a minimum down payment of 16% at the time of the loan.
  • The annual property tax is 1.6% of the cost of the house.
  • The annual homeowner’s insurance is 0.8% of the cost of the house.
  • The monthly PMI is $76
  • Your other long-term debts require payments of $956 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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