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?