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 Southlake

Remodeling and Renovations >Considering Major Improvements You have decided that it is time to sell your home. After taking an objective look around, you realize that you have a lot of work to do in order to prepare your home for the market. If it will take more than just cleaning to get your home for showing, it may be time to call in two professionals--a home improvement contractor and a professional real estate agent. The ideal listing has a modern kitchen and bath, fresh paint, beautiful lighting fixtures and elegant hardwood floors or high-end wall-to-wall carpet. Your real estate agent can offer suggestions about what your house needs, what colors or cabinet styles are popular with buyers, and tips on cost-effective improvements. The contractor can work with you to put your plan into action. If you feel that the costs or disruption of a major remodeling project would be overwhelming, you have the option of marketing your home as a "fixer-upper." If you decide to sell your home "as is", your agent can prepare a market analysis to give you an idea of what you can expect to net from the sale of your home. See All Tips In The "Remodeling and Renovations" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What has been described as the world's most beautiful building? A  The white marble Taj Mahal in India was built by the Mogul emperor Shah Jahan (1631-53) to enshrine his favorite wife. See More Real Estate Trivia >

The Touchstone Team Keller Williams 850 E. State Hwy. 114, Suite 100 Southlake, TX 76092 Phone: 817-481-7355 (SELL) Fax: 817-251-1522 Email: Tiffany@NUMBER1EXPERT.com The Heldoorn Team list and sell more than any other agent in Northeast Tarrant County. They bring to their clients over 19 years of experience in real estate and they have been awarded #1 real estate team in the nation. Also,The Heldoorn Team has received the award for Top Producer for the past 16 years and they continue to lead the way! www.theheldoornteam.com is brought to you by The Touchstone Team NUMBER1EXPERT™ in real estate for Southlake, Texas Read The Touchstone Team'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.