How much Income do I need to qualify?
Property Value
Down Payment
Interest Rate
Instructions
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 40%. This ratio compares your total mortgage payment to your monthly income.
The back ratio is 40%. This ratio compares your total monthly debt obligations including your total mortgage payment to your monthly income.
Results
Needed Income (Mo)
$4,695.34
Property Selling Price
$250,000.00
Downpayment
$12,500.00
Base Loan Amount
$0.00
FHA Upfront MIP
$NaN
USDA Upfront MIP
$NaN
VA fees
$NaN
Total Loan Amount
$237,500.00
Monthly Principal & Interest
$1,422.41
Monthly Real Estate Taxes
$208.33
Monthly Hazard Insurance
$0.00
Monthly PMI
$247.40
Total Mortgage Payment
$1,878.14
Income Needed for Payment
$4,695.34
Allow Debt Payments
$1,878.14