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Suppose you take a 15-year mortgage for a house that costs $247,101. Assume the following: The annual interest rate on the mortgage is 3.5%. The
Suppose you take a 15-year mortgage for a house that costs $247,101. Assume the following: The annual interest rate on the mortgage is 3.5%. The bank requires a minimum down payment of 11% of the cost of the house. The annual property tax is 1.6% of the cost of the house. The annual homeowner's insurance is $815. The monthly PMI is $57. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule?
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