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 Massachusetts Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Harvard, Bolton, and Boxborough

Selling Your Home >Selling Selling Sold Although your real estate agent is responsible for marketing your property, it requires a joint effort to get your home sold. How can you empower your agent? It is very important that you feel absolutely confident in your agent's ability to produce results--no matter what the market is like in your area! This may sound like stating the obvious, but it is important to let your real estate agent know you trust them to get the job done. Support that trust by putting a realistic price tag on the property and keeping it in prime showing condition. Work out showing agreements that will make it easy for agents to preview or show your home. Meet periodically to discuss any feedback from buyers who have seen your home to determine how you can improve its appeal. Don't hesitate to share any ideas you may have about marketing your home. I will try anything that works, and have received some very good suggestions from clients. See All Tips In The "Selling Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  From 1974 to 1996, what was the world's tallest habitable building? A  The Sears Towers, headquarters for Sears, Roebuck & Co., with 110 stories and 1,454 feet high. See More Real Estate Trivia >

Maureen Harmonay Coldwell Banker Residential Brokerage 718 Main St. Bolton, MA 01740 Cell: 978-779-2247 Office: 978-779-2247 Personal Fax: 978-389-0073 Voice Mail: 978-841-7664 Email: massachusettscountryhomes@NUMBER1EXPERT.com I am passionate about preserving open spaces for pasture, habitat, or quiet enjoyment, and I bring that same level of commitment and energy to my work on behalf of buyers and sellers of country properties in the Central Massachusetts corridor, from Harvard to Princeton. I love what I do, I work hard at it, and it shows: my sales achievements perennially rank me among the top agents nationwide. I treat my buyer and seller clients the way that I would want to be treated: with respect, courtesy, attention to detail, and caring. My relationship with my clients is based on mutual trust, and I never stop knocking myself out to justify their vote of confidence in me. I will do the same for you. Just try me. www.massachusettscountryhomes.com is brought to you by Maureen Harmonay NUMBER1EXPERT in real estate for Harvard, Bolton, and Boxborough, Massachusetts Read Maureen Harmonay'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.