REQUIRED INCOME CALCULATOR

Use this calculator to match your income with your desired mortgage amount. If you are unsure of the actual property taxes use .0125% of the property value (the insurance is automatically calculated at .05% of the mortgage amount. In the non-mortgage debt box do not use any debt that will be paid off in 10 months or sooner. If your income is lower than what you need for the desired mortgage, don't worry, the ratios used in this calculator are the most conservative. Compensating factors could allow your ratios to be higher thus allowing you to qualify for a higher mortgage.

1. The sum of your monthly principal, interest, property taxes and casualty insurance (PITI) should not be greater that 28% of your gross monthly income. This ratio varies depending on your down payment and could be as high as 33%.
2. The sum of your monthly PITI plus monthly consumer debt payments should not be greater than 36% of your gross monthly income. Again this ratio varies depending on your down payment and can be as high as 41% or with strong compensating factors even higher.