| Desired Mortgage for New Home |
|
| Total Monthly Payments in Non-Mortgage Debt (i.e.
car, student loans, credit cards, etc). |
|
| Monthly Principal + Interest |
|
| Total Housing Payment (tax & insurance
included) |
|
| Debt To Income Ratio (DTI) |
%
|
Your salary must
meet the following two conditions:
- Your gross (pre-taxes) monthly salary must be
greater than 40% of the sum of the monthly mortgage
and monthly tax payments.
- Your gross (pre-taxes) monthly salary must be
greater than 50% of the sum of the monthly mortgage,
monthly tax and other monthly debt payments.
Your Debt to income ratio must not be greater than
50%.
DISCLAIMER: The pre-qualification 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. |
