Brad and Sam take a 30-year mortgage for a house that costs $169,675. Assume the following:...

Brad and Sam take a 30-year mortgage for a house that costs $169,675. Assume the following:

The annual interest rate on the mortgage is 4.4%.
The bank requires a minimum down payment of 18% of the cost of the house.
The annual property tax is 1.4% of the cost of the house.
The annual homeowner's insurance is $979.
There is no PMI.

If they make the minimum down payment, what will their monthly PITI be?

Round your answer to the nearest dollar.

Suppose you take a 15-year mortgage for a house that costs $269,848. Assume the following:

The annual interest rate on the mortgage is 4.2%.
The bank requires a minimum down payment of 10% of the cost of the house.
The annual property tax is 1.4% of the cost of the house.
The annual homeowner's insurance is $889.
The monthly PMI is $83.

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

Round your answer to the nearest dollar.

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Expert Solution

jeff jeffy answered 1 year ago

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