| Desired Mortgage
for New Home |
don't
use commas (example 100000.00) |
| Total Monthly Payments in Non-Mortgage
Debt (i.e. car, student loans, credit cards,
etc). |
don't
use commas (example 5360.00)
|
| Monthly Principal + Interest |
|
| Total Housing Payment (tax &
insurance included) |
|
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.
|
