Mortgage Required Income

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.

Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.

For more information about these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Financial Calculators from
Dinkytown.net

Mortgage Required Income

*indicates required.

Purchase price:*This entry is required.Enter an amount between $0 and $250,000,000

Down payment:*This entry is required.Enter an amount between $0 and $250,000,000

Loan amount:

Desired mortgage amount:*This entry is required.Enter an amount between $0 and $250,000,000

Start interest rates at:*This entry is required.Enter an amount between 0% and 25%

Loan term:*This entry is required.

Monthly liabilities:

Total $0.00

Monthly housing expenses:

Total $0.00

**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Required Annual Income for a Variety of Interest Rates

Definitions

Desired mortgage amount

The total loan amount your are interested in receiving.

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)

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.

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.

Real estate taxes

The amount you expect to pay in property taxes. This is normally paid either semi-annually or annually.

Hazard insurance

The amount you expect to pay for hazard insurance. This is normally paid either semi-annually or annually.

Association dues or fees

The amount you expect to pay a homeowner's association or other required monthly fee. This is normally paid monthly.

Monthly PMI

Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax 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.