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Desired Mortgage for New Home:
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| Total Monthly Payments in Non-Mortgage Debt (i.e.
car, student loans, credit cards, etc) |
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| Monthly Principal + Interest :
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| Total Housing Payment (tax & insurance included) |
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Your salary
must meet the following two conditions:
- Your gross (pre-taxes) monthly salary must be greater than 28% of
the sum of the monthly mortgage and monthly tax payments.
- Your gross (pre-taxes) monthly salary must be greater than 35% of
the sum of the monthly mortgage, monthly tax and other monthly debt
payments.
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. |
