Income needed – Calculate My Realestate

Affordability Calculator

Tell us about the house you are interested in, and we will tell you how much income you will need to qualify.

Sales price of the property:

Down payment (% or $):

Mortgage amount:

Estimated interest rate:

Mortgage term (years):

Estimated other monthly debts (credit card, auto, etc.):

Annual insurance cost:

Annual real estate taxes:

Based on the information you have provided, you will need the following amounts for this home purchase:

Estimated monthly mortgage PMT (principal + interest):

Existing debt payments:

Insurance and taxes:

Total monthly obligations:

Annual obligation:

Estimated income required (2.78x annual obligation):

Sales price of the home–the purchase or listing price of the house you want to buy
Down payment–the up-front amount you are planning to put down on the purchase of the home. It can be entered as a dollar amount or a percentage. Please note that any percentages over 99% will automatically be calculated as a dollar amount.
Estimated interest rate–the rate that you expect to receive on your financing
Property state–the state in which the house you are buying is located
Estimated total monthly debts–the amount of debt (e.g., car loans, student loans, credit cards, etc.) that you pay each month. Note–do not include rent, utilities or other payments that will disappear or change when you move.
Total income needed–the mortgage income calculator looks at all payments associated with the house purchase and then aggregates that as a percentage of income. Most lenders require a borrower to keep housing costs at 28% to 36% of their pretax income. The higher end applies if the borrower meets certain lender-specific requirements. Guideline equates to income of 2.78x total monthly debt payments (1.00/.36 = 2.78).