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How much income do I need to qualify |
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Written by Allen Dover
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Tuesday, 08 November 2005 |
 | How much income do I need to qualify ? |  | | | | | Loan Information
Down Payment ($)
Interest Rate (%)
Length of Loan (Yrs)
Front Ratio (%)
Back Ratio (%)
| | | Property Information
Home Value ($)
Taxes & Insurance
Annual Taxes ($)
Annual Hazard Insurance ($)
| | Estimate for me
| | | Let me enter manually
| | | Do not include
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 | Results |  | | | | | | Property Selling Price: | $190,000.00 | | Down Payment: | $40,000.00 | | Loan Amount: | $150,000.00 | | | | | Monthly Principal & Interest: | $1,100.65 | | Monthly Real Estate Taxes: | $174.17 | | Monthly Hazard Insurance: | $82.33 | | Monthly PMI: | $0.00 | | Total Mortgage Payment: | $1,100.65 | | | | | Income Needed for Payment: | $3,668.82 | | Allowable Debt Payments: | $220.13 | | | |  | |  |
 | Explanation | | | | | | Mortgage lenders use ratios to analyze your mortgage payment and determine how much loan you qualify for. The front ratio used in this calculation is 30.00%, or (1,100.65 / 3,668.82). This ratio compares your total mortgage payment to your monthly income.
The back ratio is 36.00%, or [(1,100.65 + 220.13) / 3,668.82]. This ratio compares your total monthly debt obligations including your total mortgage payment to your monthly income.
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Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts. |
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Last Updated ( Tuesday, 11 July 2006 )
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