Welcome > Resources > Mortgage Calculators > Your Income ...

How Much Should Your Income Be?

What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.

Definitions

Desired mortgage amount

The total loan amount you are looking to qualify for.

Monthly housing expenses

Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.

Monthly liabilities

Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.

Monthly housing payment (PITI)

This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

1. Monthly Income X 28% = monthly PITI
2. Monthly Income X 36% - Other loan payments = monthly PITI

Maximum principal and interest (PI)

This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.

Start interest rates at

The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Texas Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Leander, Cedar Park and Round Rock

First Time Buyers >Questions from Real Estate Agents Real estate agents begin their professional relationship with buyers by asking numerous questions about the buyer's personal and financial situation. The answers to these questions will give the real estate agent a clear idea about the buyer's housing needs and price range. It is a waste of time for an agent to show a buyer homes they can't afford, and it can be disheartening to consider unrealistic possibilities. In order to do a great job finding you a home, your real estate agent needs to have some basic information about your income, debts, and the amount of cash you have available for a purchase. Your agent also needs to know something about your lifestyle. How large is your family? Where do you work? Do you have school-age children? Do you enjoy entertaining? What hobbies would you like to accommodate? The real estate agent who helps you find your new home will get to know you very well, so it is very important that you feel comfortable with that person and free to communicate openly. See All Tips In The "First Time Buyers" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  Upon completion this year, what will be the tallest residential building south of New York and east of Chicago? A  Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria. See More Real Estate Trivia >

Julie Hoelscher Crosswind Realty 3219 Saint Genevieve Drive Leander, TX 78841 512-789-7541 Fax: 512-697-2825 Julie@Julie-Cares.com I offer a unique ability to connect with my clients, who often become friends. I will take your concerns, expectations and needs to heart. You can trust my professional guidance and expertise on your real estate journey. Please feel free to contact me by phone or by email. I will get back to you quickly. I look forward to working with you soon!      www.julie-cares.com is brought to you by Julie Hoelscher and Mick Hooper NUMBER1EXPERT™ in real estate for Leander, Cedar Park and Round Rock, Texas Read Julie Hoelscher and Mick Hooper's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT™
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.