Estimates a required salary for a desired mortgage.
Your salary must meet the following two conditions:
- The sum of your monthly mortgage (principal and interest), monthly property tax and monthly homeowners insurance must be less than 28% of your gross (pre-tax) monthly income.
- The sum of your monthly debt payments including but not limited to your monthly mortgage payment (principal and interest), monthly property taxes, monthly home owners insurance, monthly car payments, monthly student loan payments and other monthly debt payments must be lower than 35% of your gross (pre-tax) monthly income.
These calculations are estimates only and do not constitute an offer to finance your loan. There is no warranty for the accuracy of the results or the relationship to your personal financial situation.
DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.