How Much Do I Have to Make to Purchase This Home?
  

Enter the values below. The calculator will determine the income required to qualify for the specific loan using the specified qualification ratios. If you are not sure what ratio a particular lender uses, keep the values at 28/36 which is considered more conservative for conforming loans.

Please note that this calculator is only provided as a rough guideline for loan qualification. Many factors, including borrower credit history, are used by lenders in making their loan decisions. The results of your calculations here are not binding and in no way constitute an offer to extend credit.


Fixed Rate     Loan Type
ARM
Annual Interest Rate (%)
Loan Term in Years
Enter expected annual property tax
Enter expected annual hazard insurance
Enter expected monthly debt payments (car/student loan, credit cards, etc)
Purchase Price of Home 
(for refinance: use Appraised Value of Home)
Principal Loan Balance
/ Lender's Qualification Ratios
Your request was
  

Results
Note - look at 28% only if the home is your only debt.  Otherwise use the 36%.  Remember this is only an estimate, with good credit you can afford more than these guidelines.
$ Total Monthly Mortgage Payment 
$ Total Monthly Mortgage + Debt Payment 
$ 28% Qualifying Monthly Income
$ 36% Qualifying Monthly Income
$ 28% Qualifying Annual Income
$ 36% Qualifying Annual Income
PMI Required?
$ Monthly PMI included in PITI, if Required.
  
These ratios are typical of most lenders. 33% is the amount of your gross pay you can spend on a house payment is your mortgage is your only payment.  36% is the amount you can spend on all debts, including your mortgage payment.  

With our flexible loan programs, many times you can be approved with much higher debt ratios than the standard ratios above.