This
estimator will calculate the household income required to qualify for
a mortgage under a specific set of circumstances. You provide the amount
financed, the number of years to finance, the interest rate, property
taxes, and your current debt load, and the estimator will return the
monthly mortgage payment, your total monthly debt payments, and the
annual household income that most lenders would require to approve the
mortgage loan.
The calculations in this estimator are based on current requirements
for a fixed rate conventional loan with a 5% down payment.
Mortgage Ratio : monthly household income must be
greater than 28% of the sum of the monthly mortgage payments and monthly
tax payments.
Debt Ratio : monthly household income must be greater
than 36% of the sum of the mortgage, tax and other debt payments.
This estimator is believed to be accurate but is only intended to generate
approximate results. Rates vary or may change and exceptions are made
by lenders in specific instances.
Enter numbers only. Do not enter "$", "," or "%"
characters. (Example: For a $100,000 home, enter 100000)
