Question

Suppose you take a 15-year mortgage for a house that costs $219,965. Assume the following: The annual interest rate on the mortgage is 4.8%. The bank requires a minimum down payment of 9% 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 $579. The monthly PMI is $91. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule?

Answer #1

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The bank requires a minimum down payment of 16% at the time of
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