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Options exist to help you avoid foreclosure-including counseling, refinancing, and short sales. Purchasers of foreclosures should be aware that such homes, despite their reputation, are rarely big bargains or easy money-makers, and can be very difficult to buy.

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Mortgage Calculators
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.

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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.



Real Estate Tips
For Sale By Owner >Are You Curious

Perhaps you have no plans to buy or sell a home right now, but you are curious about your possibilities. Real estate professionals can answer any questions you may have about the complexities of a real estate transaction and provide you with information to help you make a decision.

Call or send an email if you would like to discuss the local real estate market and determine whether it is a good time for you to buy or sell. If you are a first-time buyer, you may have questions about legal descriptions, fair housing laws or sources of financing. You may be curious about how sales prices are set.

A real estate agent's job is diverse, and the best agents are excellent sources of information. Each day, real estate agent's are actively involved with mortgage lenders, attorneys, surveyors and taxing authorities, discussing the latest developments in our ever-changing marketplace. Finding the right real estate agent is like finding the right physician. The help of a professional can help satisfy your curiosity. Call or email with your real estate questions.

See All Tips In The "For Sale By Owner" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia
Q 
According to Feng Shui, the art of home placement, what five elements are needed in a harmonious environment?

A 
Wood, fire, earth, metal and water must be balanced to create a happy, prosperous home.
See More Real Estate Trivia >


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The Jeanne Walters Team, REALTOR®, real estate agent and broker for Bloomington, Spencer and Indiana University, Indiana home listings, property and land for sale - NUMBER1EXPERT

The Jeanne Walters Team
Jeanne Walters Real Estate

107 E 6th Street
Bloomington, IN 47408
Tel: (812) 331-8951
Fax: (812) 331-7532
Toll Free : (866) 877-6677
Email: info@JeanneWalters.com

I truly love my work and consider myself extremely fortunate to be associated with fine colleagues. I enjoy my clients as well and value the opportunity to play a part in important times of their lives. Since 1982 I have completed designations for GRI, CRS, ABR and many fascinating real estate classes.

GRI CRS ABR SRES wcr Equal Housing MLS REALTOR


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