See if Your Income is Sufficient to Qualify

Desired Mortgage for New Home

Mortgage Length ( Years )

Interest ( Percent )

Annual Tax

Total Monthly Payments in Non-Mortgage Debt
(i.e. car, student loans, credit cards, etc).

 

Summary

Monthly Principal + Interest

Total Housing Payment
(tax & insurance included)

Required Salary

Your salary must meet the following two conditions:
Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

DISCLAIMER: Calculations by this tool are believed to be accurate, yet are not guaranteed. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.

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