Suppose you take out a 20-year mortgage for a house that costs $338,044. Assume the...
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Suppose you take out a 20-year mortgage for a house that costs $338,044. Assume the following:
- The annual interest rate on the mortgage is 5%.
- The bank requires a minimum down payment of 14% at the time of the loan.
- The annual property tax is 2% of the cost of the house.
- The annual homeowner's insurance is 0.7% of the cost of the house.
- The monthly PMI is $62
- Your other long-term debts require payments of $535 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.
Suppose you take out a 20-year mortgage for a house that costs $338,044. Assume the following:
- The annual interest rate on the mortgage is 5%.
- The bank requires a minimum down payment of 14% at the time of the loan.
- The annual property tax is 2% of the cost of the house.
- The annual homeowner's insurance is 0.7% of the cost of the house.
- The monthly PMI is $62
- Your other long-term debts require payments of $535 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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