The minimum gross monthly salary you must earn in order to satisfy the 28% rule is $10,968.46.
What is the minimum gross monthly salary required?
The down payment:
= 8% of $253,368
= $20,269.44
The loan amount:
= $253,368 - $20,269.44
= $233,098.56
The monthly mortgage payment using the loan amount and interest rate: = $233,098.56 * (0.044/12) / (1 - (1 + 0.044/12)^(-15*12))
= 1771.29836086
= $1,771.29
The annual property tax:
= 1.9% of $253,368
= $4,810.99
The monthly property tax:
= $4,810.99 / 12
= $400.92
The total monthly payment:
= $1,771.65 + $400.92 + $844 + $55
= $3,071.57
The minimum gross monthly salary required to satisfy the 28% rule:
= $3,071.57 / 0.28
= $10,968.46.