| Desired Mortgage for New Home |
|
| Total Monthly Payments in Non-Mortgage Debt (i.e. car,
student loans, credit cards, etc). |
|
| Monthly Principal + Interest |
|
| Total Housing Payment (tax & insurance included) |
|
Your salary must
meet the following two conditions:
- Your gross (pre-taxes) monthly salary must be
greater than 28% of the sum of the monthly mortgage
and monthly tax payments.
- Your gross (pre-taxes) monthly salary must be
greater than 35% of the sum of the monthly mortgage,
monthly tax and other monthly debt payments.
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. |