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.

Buyers Remorse >Patience is Required Sellers often have to deal with a buyer's anxiety. For example, you may have reached an agreement with your buyers and signed the paperwork for the sale of your home. After all of the documents were signed, however, the buyers began to behave strangely, getting somewhat agitated and making additional demands. It is important to remember that people experience a high level of stress when they are buying a house. Your buyers may be suffering from "Buyers Remorse"-- that intense feeling that they have paid too much and that the house is going to fall down as soon as they assume ownership. They may start questioning the fine points of the structural integrity of your home or ask you to include your new washer and dryer and power mower in the transaction. Don't take it personally if your buyers begin going through the "home-buying jitters". Be patient, and allow the real estate agent to do whatever "hand holding" is necessary to get the buyers happily settled in your home. See All Tips In The "Buyers Remorse" 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 >

The Rosemary Hofer Group Hidden Creek Realty US Hwy 219 North HC69, BOX 11-B Marlinton, WV. 24954 Broker: Michael Briel Phone: 304-799-2606 Fax: 304-799-2607 Email: rhofer@NUMBER1EXPERT.com Rosemary Hofer is associated with Hidden Creek Realty. Prior to moving to West Virginia she lived in Virginia where she worked for a RE/MAX company. She was a RE/MAX "Top 25" Virginia Real Estate Agent, and received the RE/MAX Hall of Fame award in 1999. Her clients range from first time buyers looking for $60,000 condominiums to well-established executives shopping for million dollar estates. Every client receives the attention to detail that is necessary for a smooth transaction. Rosemary's goal is to exceed all of her clients expectations to such an extent that they will make her their Real Estate Consultant For Life! Call or email her today! www.rosemaryhofer.com is brought to you by The Rosemary Hofer Group NUMBER1EXPERT™ in real estate for Pocahontas County, Snowshoe and Greenbrier County, West Virginia Read The Rosemary Hofer Group'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.