See if Your Income is Sufficient to Qualify
|
| Desired Mortgage for New Home |
|
Mortgage Length |
Years |
| Interest |
% |
| Annual Tax |
|
| Annual Homeowners Insurance |
|
| |
|
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 40% of the
sum of the monthly mortgage, monthly tax and other monthly debt payments.
DISCLAIMER: The prequalification figures above are based upon conventional
program guidelines. Other loan programs are available. Calculations by this
tool are believed to be accurate, yet are not guaranteed. Further review
is necessary to obtain an exact qualification. If you have less than 20%
equity in your home, a monthly mortgage insurance payment may be required. |
