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Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
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:
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.
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.
Kelly Cobb Fonville Morisey, A Long & Foster Company 523 Keisler Drive, Suite 103 Cary, NC. 27518 Office: 919-859-8889 Toll Free: 800-567-2279 Voice Mail: 919-256-2720 Fax: 919-859-3339 Email: kelly@relo-expert.com
Kelly began her real estate career in 1984. A native of Smithfield, North Carolina and a graduate of both Meredith College and Appalachian State University, she is a former teacher and volunteer coordinator. Kelly was featured in the September 2001 issue of REALTOR® Magazine's "Top 100 Residential Salespeople" nationwide. Kelly is the #1 agent with Fonville Morisey (a Long & Foster Company), a prominent local 850 agent firm, and has been #1 agent every year for eight consecutive years! Kelly lists, sells and negotiates for her clients. Her vast experience also enables her to find just the right property for you, and buyers for the home you need to sell.
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Kelly Cobb NUMBER1EXPERT™ in real estate for
Cary, Raleigh and Apex, North Carolina, new construction, executive homes
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