How much income

How much Income do I need to qualify?

$1,525,000.00
17.00% $259,250.00
10.500%

Instructions

Mortgage lenders use ratios to analyze your mortgage payment and determine how much loan you qualify for. The front ratio used in this calculation is 50%. This ratio compares your total mortgage payment to your monthly income.

The back ratio is 55%. This ratio compares your total monthly debt obligations including your total mortgage payment to your monthly income.

Results

Needed Income (Mo)

$28,089.74

Property Selling Price $1,525,000.00

Downpayment $259,250.00

Loan Amount $1,265,750.00

Monthly Principal & Interest $11,578.31

Monthly Real Estate Taxes $1,525.00

Monthly Hazard Insurance $698.96

Monthly PMI $242.60

Total Mortgage Payment $14,044.87

Income Needed for Payment $28,089.74

Allow Debt Payments $1,404.49