Suppose you take out a 20-year mortgage for a house that costs $317760. Assume the following:
The annual interest rate on the mortgage is 4%.
The bank requires a minimum down payment of 18% at the time of the loan.
The annual property tax is 2.4% of the cost of the house.
The annual homeowner's insurance is 1.2% of the cost of the house.
The monthly PMI is $74
Your other long-term debts require payments of $775 per month.
If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously?