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 Ohio Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Canton, Massillon, Jackson Township and Stark County

Pricing >The Asking Price Picture this... Your house has been on the market for four weeks. There have been a lot of showings but no offers, so you are wondering if you should consider a price reduction. You want to get as much as you can for your home, but more importantly you want it to sell! This may be the time to have a frank discussion with your real estate agent. While price may be a major factor, it may not be the only consideration. Are you making your house easy for agents to show? Have you completed the necessary maintenance and cleaning so that your property is as appealing as possible? Review with your agent the current market conditions and the prices of other homes in your neighborhood before determining that a price reduction is in order. Even though your price may be competitive, the marketplace may be telling you that buyers just won't pay what you would like to get. If all indicators point to a price reduction, it is better to do it sooner rather than later. See All Tips In The "Pricing" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What might happen to the Empire State Building in extreme weather? A  The Empire State Building can sway several feet to either side when buffeted by a severe windstorm or rainstorm. See More Real Estate Trivia >

Julie Kaszyca Cutler Real Estate 4618 Dressler Road NW Canton, OH 44718 330-491-2765 Fax: 330-492-1831 JulieKaszyca@NUMBER1EXPERT.COM Julie Kaszyca & Associates is one of Stark County's leading full service Real Estate teams. With over 25 years of experience and proven results, our job is to work with you in the purchase or sale of your home. If you are considering buying or selling a home in the Stark County area - Canton, Canal Fulton, Jackson Township, Massillon, North Canton, Plain Township, Perry Township and more, call the Kaszyca Team at Cutler Real Estate and let us provide the service you deserve! www.JulieKaszyca.com is brought to you by Julie Kaszyca NUMBER1EXPERT™ in real estate for Canton, Massillon, Jackson Township and Stark County, Ohio, Condos, Luxury Properties, New Construction Read Julie Kaszyca'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.