A borrower is looking for a $650,000 house and plans on putting down 10% of the purchase price. The taxes are 12,000 and the insurance is 3,600 annually. The bank is charging 4.75% interest rate on a 30-year self-liquidating mortgage plus 1% origination fee. PMI is 3/8% additional on the rate.

Given the borrower has 3 months left of student loans of $600 per month, credit cards of $1,000 a month and 48 months of a car loan of $450 per month, how much does the borrower have to earn to be approved for the loan? The housing ratio is assumed to be 28% and the total ratio is 43%.