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.

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.

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Oregon Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Portland, OR, Beaverton, OR and Vancouver, WA

First Time Buyers >Finding A Real Estate Agent Finding an experienced, reliable real estate agent whom you like and trust is the first step in locating your new home. Here is an approach to finding the right agent. Call or stop by a real estate office and ask to speak with the manager. Describe the type of home you are looking for. The manager can refer you to an agent who knows that market very well. You might also use weekend "open houses" as opportunities to look for a real estate agent, as well as a new home. It is really a matter of chemistry! If you meet someone who is knowledgeable and with whom you feel comfortable, call that person! Once you establish a strong working relationship with a real estate agent, your agent can show you a number of homes for sale, even if they are listed with other companies. Often the agent can show you a property as soon as it is placed on the market. Many of the best homes never even make it to the weekend classified section of the newspaper! See All Tips In The "First Time Buyers" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  In what U.S. home can you find the world's largest refrigerator magnet collection? A  Louise Greenfarb of Las Vegas, Nevada has 35,000 unique fridge magnets that she has been collecting since the 1970's. See More Real Estate Trivia >

Greg Herson John L. Scott 1205 NE Martin Luther King, Jr Blvd Portland, Or 97232 Direct : 503-757-1551 Office : 503-757-1551 Fax : 503-230-8650 Email: GregHerson@NUMBER1EXPERT.com We at Herson Realty Group pride ourselves on exceeding the expectations of every buyer and seller we work for. In the ever-changing real estate industry it is very important to choose the right team to represent you. Herson Realty Group uses the most up to date technology and marketing techniques when serving its clients and our full time staff is always there to make sure every detail of every transaction is reviewed. CLICK HERE TO USE OUR NEW MAP BASED SEARCH www.HersonTeam.com is brought to you by Greg Herson NUMBER1EXPERT™ in real estate for Portland, OR, Beaverton, OR and Vancouver, WA, Oregon, relocation Read Greg Herson's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT™
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.