Mortgage Required Income

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.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

    You can also get SUN's Java Plug-in here: Get the Java Plug-in!

    For more information about this Plug-in please visit: SUN's Java Plug-in
    For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

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:

  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.

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.


Basic Pre-Approval

Get the Best Mortgage Rate!

Tell us a little about your current needs and we can use that
information to match you with just the right loan.
 
Tell us about your loan needs.
*Reason for loan (purch, refi, cash out):
*Value of property:
*Type of property:
*Amount you need to borrow:
Type of loan wanted (30 Yr, 15 Yr, ARM, Int. Only):

How can we get in touch with you?
*Name:
*Email:
Phone:
Address:
City:
*State:

Tell us about your credit history.
*Credit History (Excellent, Good, Average, Poor):

Note: Fields with an * are required


American Mortgage of Tampa Bay, Inc. 19140 Rogers Road Odessa, FL 33556-4125
Phone: Fax:

Why Title Insurance? | Staff Profiles | Contact Us | Custom Page | Custom Page | Closing Costs | Tell a Friend | News | Home | Loan App Checklist | Bi-Weekly Mortgage | Mortgage Saving Tips | Site Map | Loan Application | The Loan Process | Get Your Loan Faster! | Fixed Vs. Adjustable | Improve Your Credit Score | Should you buy points? | Financing Closing Costs | When to get Qualified | Types of Insurance | When to Refinance | Loan Application Info | What is a credit score? | Rate Lock Periods | Rates and A.P.R. | Refinancing Options | Getting an Appraisal | ARM Calc | Fixed Rate Mtg Calc | 15 vs 30 Year Mtg Calc | Required Income Calc | Rent vs Buy Calc | Refi Breakeven Calc | Mortgage Calculators | Customer Login | Our Service Area | Gifts as downpayment | Getting Your Credit Report | VA Loans | Broker vs. Loan Officer | How Much You Can Afford | Are You Pre-Approved? | 100% Financing

Copyright © 2010 American Mortgage of Tampa Bay, Inc.
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map