How Much Income Do I Need in Order to Qualify?

The American dream remains to own your own home. However, with real estate values growing ever higher you must exercise financial care when house- and mortgage-hunting. This calculator will help you to determine how much money you must make in order to qualify for and purchase your dream home.

To use the calculator, enter the following information:

Property Information: Home Value
Mortgage Information: Amount (of mortgage), Interest Rate, Length (in years), Down Payment (choose dollars or percentage), Estimated Front Ratio and Estimated Back Ratio
Taxes and Insurance Information (choose dollars or percentage): Annual Taxes, Annual Insurance and Annual PMI

The calculator will compute the following information:

Monthly Principal and Interest
Monthly Real Estate Taxes
Monthly Insurance
Loan-to-Value Ratio
Months with PMI
Monthly PMI
Total Monthly Payments
Allowable Debt Payments
Required Income

The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.

Input Information

Property Information
Home Value :	($)
Loan Information
Down Payment :	($) (%)
Interest Rate :	(%)
Length :	(Yrs)
Estimated Front Ratio :	(%)
Estimated Back Ratio :	(%)
Taxes And Insurance Information
Annual Taxes :	($) (%)
Annual Insurance :	($) (%)
Annual PMI :	($) (%)
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Show Schedule Table

Financial Analysis

Monthly Principal and Interests :	$1,408.45
Monthly Real Estate Taxes :	$250.00
Monthly Insurance :	$125.00
Loan To Value Ratio :	90.00%
Months With PMI :	75
Monthly PMI :	$112.50
Total Monthly Payments :	$1,895.95
Allowable Debt Payments :	$1,053.30
Required Income :	$6,319.83