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 Lake Conroe, Conroe and The Woodlands

Selling Your Home >Getting Ready To Sell Here is a scenario that you may encounter when you sell your home. You make a listing appointment with a real estate agent who shows up with a detailed market analysis and a list of all the advantages of listing with his or her company. The agent then walks through your home with you, making suggestions about how you can present your home at its best. The real estate agent's recommendations about cosmetic "fix-ups" make some sellers feel a little uncomfortable. They realize how long they have put off all of those "little" projects. If the suggestions about the cat box, spider webs, kitchen and bathroom cleanup, and removal of clutter make you feel a little defensive, remember that none of this is personal! Most sellers need a little coaching to make their homes show well. Providing suggestions for home staging is an important part of an agents job. The better your home looks while it's on the market, the more likely it is to sell quickly, and for top dollar. See All Tips In The "Selling Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What is the legal term used to describe the right of the U. S. government to condemn private land for public use? A  Right of Eminent Domain allows the government to confiscate private land by paying full market value for the property. See More Real Estate Trivia >

Pat Wilson, CRS Keller Williams Conroe - Lake Conroe 2200 N. Fm 3083 W. Conroe, TX 77304 Direct: 936-524-0009 Office: 936-525-3200 Private Line: 936-521-7524 Fax: 936-441-8001 Email: PatWilson@NUMBER1EXPERT.com Pat Wilson, CRS is the NUMBER1EXPERT™ in the Lake Conroe area. She has a proven track record that few agents can match! She brings Knowledge, Commitment, and Trust that surpasses the normal Realtor. Pat Wilson is a professional that has your best interest in mind. www.PatWilsonSellsLakeConroe.com is brought to you by Pat Wilson NUMBER1EXPERT™ in real estate for Lake Conroe, Conroe and The Woodlands, Texas Read Pat Wilson'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.