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 housing 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 and 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:
Monthly Income X 28% = monthly PITI
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.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not 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.
CONTACT
ABOUT
SOUTH TEXAS
Dockery & Associates PO Box 459; 200 E. Alexander St Three Rivers, TX 78071
Member: NAR, TAR, Bee County, Corpus Christi, San Antonio Boards of Realtors
Richard Dockery: is a licensed Real Estate Broker in Texas, involved in real estate since 1985, and specializes in Industrial oil field sites, land, motel/hotel sites, Eagle Ford shelf oil play in 3 Rivers TX and surrounding areas, drilling permits, production activity of wells, Eagle Ford Shelf Real Estate, and 3 Rivers Real Estate.
Another Day In Paradise! Brazos Valley, Central Texas, Blackland Prairies, The Hill Country, Gulf Coast, Coastal Bend| Houston Metropolitan Area, East Texas, Piney Woods, North Texas, Metroplex, Red River Valley, Rolling Hills, Northeast Texas, Piney Woods, Rio Grande Valley, South Texas, Mission Country, Rio Grande Valley , South Plains, Southeast Texas, Golden Triangle, Greater Houston, Texas Urban Triangle, West Texas, Edwards Plateau, Llano Estacado, Permian Basin Panhandle, Trans-Pecos, Great Plains
