| See if Your Income is Sufficient to
Qualify |
| Desired Mortgage |
|
|
Mortgage Length |
Years |
| Interest |
% |
| Annual Tax |
|
| Total Monthly Payments in Non-Mortgage Debt (i.e. car,
student loans, credit cards, etc). |
|
| |
|
| Summary |
| Monthly Principal + Interest |
|
| Total Housing Payment (tax & insurance included) |
|
| Required Salary |
|
|
Your salary must meet the following two conditions:
- The sum of your monthly mortgage (principal and interest),
monthly property tax and monthly homeowners insurance must be less than 28% of your gross (pre-tax) monthly income.
- The sum of your monthly debt payments including but not limited to
your monthly mortgage payment (principal and interest),
monthly property taxes, monthly home owners insurance,
monthly car payments, monthly student loan payments and
other monthly debt payments must be lower than 35% of your gross (pre-tax) monthly income.
DISCLAIMER: The prequalification figures above
are based upon conventional program guidelines. Other loan programs are
available. Calculations by this tool are believed to be accurate, yet are
not guaranteed. Further review is necessary to obtain an exact
qualification. If you have less than 20% equity in your home, a monthly
mortgage insurance payment may be required.
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