Suppose you take out a 20 year mortgage for a house that costs $368676 Assume the following The annual interest rate on the mortgage is 3 The bank requires a minimumdown paymentof 16 at the time of the loan The annual property tax is 1 7 of the cost of the house The annual homeowner 's insurance is...

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Suppose you take out a 20-year mortgage for a house that costs $368676. Assume the following: The

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Suppose you take out a 20-year mortgage for a house that costs $368676. Assume the following:

The annual interest rate on the mortgage is 3%.
The bank requires a minimumdown paymentof 16% at the time of the loan.
The annual property tax is 1.7% of the cost of the house.
The annual homeowner's insurance is 1% of the cost of the house.
The monthly PMI is $96
Your other long-term debts require payments of $578 per month.

If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfythe 28% rule and the 36% rulesimultaneously?

Posted Date: Jun 05, 2024 09:10 PM

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Suppose you take out a 20-year mortgage for a house that costs $368676. Assume the following: The

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