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 Georgia Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Alpharetta, Atlanta and Cumming

Selling Your Home >The Pheromone Factor Pheromones are mysterious little chemical sensors that are supposed to have a lot to do with whether or not we are attracted to people. They may also play a big part in the way people react to houses. If you have a house on the market, it will be important to ensure that the pheromone factor is as high as possible--so that the prospects who come inside will involuntarily pull out their checkbooks and offer to pay your asking price. A good real estate agent can give you some important hints about maximizing your home's ability to attract buyers. This could mean completely airing out every room to eliminate musty odors, or allowing enough time for freshly painted walls to lose that telltale toxic smell. Unless you are already compulsively neat, you may need to make temporary changes in your housekeeping habits to ensure that your home is both fresh-smelling and sparkling clean. Sometimes this will involve hiring a professional cleaning service. Give your real estate agent the space to speak candidly about what you need to do to make your house looks its best. See All Tips In The "Selling Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What is the world's longest wall? A  The Great Wall of China, at a length of 2,150 miles, nearly three times the length of Britain. See More Real Estate Trivia >

Sherry Ajluni and Maria Livingston Keller Williams Realty Consultants 695 Mansell Rd., Suite 120 Roswell, GA 30076 678-283-1710 678-548-5513 Fax: 404-592-2827 Info@SherryandMariaTeam.com Experience, attention to detail and concern for our clients set us apart from other real estate professionals. We go above and beyond to make sure our clients get personalized attention right when they need it, not days later. We make sure they are making the right purchasing decision for them, even if it means not making a sale for us. We always think “resale!” We are dedicated to making your move effortless… Georgia Real Estate www.SherryandMariaTeam.com is brought to you by Sherry and Maria NUMBER1EXPERT™ in real estate for Alpharetta, Atlanta and Cumming, Georgia, Alpharetta real estate, Alpharetta homes, homes for sale in Alpharetta, johns creek real estate, johns creek homes, homes for sale in johns creek, Milton real estate, Milton Georgia homes, homes for sale in Milton Georgia, north Atlanta real estate Read Sherry and Maria'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.