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For more information please see: <A HREF="http://www.dinkytown.net">http://www.dinkytown.net</A> --> <h2>Mortgage Required Income</h2> <span class="fs18 lh17"><strong>Financial Calculators</strong></span><br><br> <P>What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount. <P><CENTER> <!--[if IE]><object name="calculator" classid="clsid:8AD9C840-044E-11D1-B3E9-00805F499D93" codebase="http://java.sun.com/update/1.6.0/jinstall-6-windows-i586.cab#Version=1,4,0,0" height="400" width="565"><param name="code" value="MortgageIncome" /> <param name="codebase" value="/ProvidentCalcs/OtherCalculators/" /> <param name="archive" value="dinkytown.jar" /> <P style="font-size:1px; color: #ffffff" line-height: 1px><![endif]--><![if !IE]><P style="font-size:1px; color: #ffffff" line-height: 1px><![endif]></P><![if !IE]><APPLET name="calculator" code="MortgageIncome.class" codebase="/ProvidentCalcs/OtherCalculators/" align="baseline" WIDTH="565" HEIGHT="400" archive="dinkytown.jar"><![endif]> <PARAM name="LOAN_AMOUNT" value="150000"> <PARAM name="INTEREST_RATE" value="6.0"> <PARAM name="INCREMENT" value="0.25"> <PARAM name="LOW_DEBT_PITI_RATE" value="28"> <PARAM name="HIGH_DEBT_PITI_RATE" value="36"> <PARAM name="TERM_IN_YEARS" value="30"> <PARAM name="MONTHLY_HOUSING_EXPENSES" value="185"> <PARAM name="MONTHLY_LIABILITIES" value="450"> <PARAM name="REAL_ESTATE_TAXES" value="600"> <PARAM name="HAZARD_INSURANCE" value="600"> <PARAM name="MORTGAGE_INSURANCE" value="35"> <PARAM name="HOUSING_EXPENSES" value="0"> <PARAM name="AUTO_LOANS" value="450"> <PARAM name="CREDIT_CARDS" value="0"> <PARAM name="INSTALLMENT_LOANS" value="0"> <PARAM name="STUDENT_LOANS" value="0"> <PARAM name="ALIMONY_CHILD_SUPPORT" value="0"> <PARAM name="OTHER_LOANS" value="0"> <PARAM name="OTHER_LIABILITY" value="0"> <PARAM name="COBORROWER_AUTO_LOANS" value="0"> <PARAM name="COBORROWER_CREDIT_CARDS" value="0"> <PARAM name="COBORROWER_INSTALLMENT_LOANS" value="0"> <PARAM name="COBORROWER_STUDENT_LOANS" value="0"> <PARAM name="COBORROWER_ALIMONY_CHILD_SUPPORT" value="0"> <PARAM name="COBORROWER_OTHER_LOANS" value="0"> <PARAM name="COBORROWER_OTHER_LIABILITY" value="0"> <!--CUSTOM PARAMETERS--> <PARAM name="TEXT_FOR_REPORT" value="<HTML> <HEAD> <TITLE>Mortgage Required Income</TITLE> <META HTTP-EQUIV='Content-Type' CONTENT='text/html; charset=iso8859-1'> <META NAME='description' CONTENT='Financial Calculators, &QCPQ;1998-2009 KJE Computer Solutions, LLC. For more information please see http://www.dinkytown.net'> </HEAD> <BODY > <CENTER><table border=0 bgcolor='#000000' width=468 cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFDD' border=0 width=468 cellspacing=1 cellpadding=5><tr><td width='100%' align=center valign=middle><DIV class=large>Mortgage Required Income</DIV></td></tr></table></TD></TR></TABLE></CENTER> <H1>At INTEREST_RATE your required income for a LOAN_AMOUNT mortgage is YOUR_INCOME.</H1>**GRAPH**<P>An income of YOUR_INCOME provides for a maximum Principal, Interest, Taxes and Insurance (PITI) payment of LOAN_PITI. After taxes and insurance your principal and interest payment (PI) of LOAN_PI would pay for a LOAN_AMOUNT mortgage, with an interest rate of INTEREST_RATE and a term of TERM_IN_YEARS years. <P><CENTER><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TD COLSPAN=2><CENTER><B>Mortgage Required Income Results</B></CENTER></TD></TR> <TR><TD><b>Term </b> </TD><TD> TERM_IN_YEARS years</TD></TR> <TR><TD><b>Interest rate </b> </TD><TD>INTEREST_RATE</TD></TR> <TR><TD><b>Housing payment (PITI) </b> </TD><TD> LOAN_PITI </TD></TR> <TR><TD><b>Principal & interest payment (PI) </b> </TD><TD> LOAN_PI </TD></TR> <TR><TD><b>Monthly housing expenses </b> </TD><TD> MONTHLY_HOUSING_EXPENSES </TD></TR> <TR><TD><b>Monthly liabilities </b> </TD><TD> MONTHLY_LIABILITIES </TD></TR> <TR BGCOLOR='#CCCCCC'><TD><b>Required annual income </b> </TD><TD> YOUR_INCOME </TD></TR> </TABLE></TD></TR></TABLE></CENTER> <P><CENTER><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TH COLSPAN=2>Housing Expenses</TH></TR> <TR><TD><b>Real estate taxes </b> </TD><TD>REAL_ESTATE_TAXES REAL_ESTATE_TAXES_UNIT </TD></TR> <TR><TD><b>Hazard insurance </b> </TD><TD>HAZARD_INSURANCE HAZARD_INSURANCE_UNIT </TD></TR> <TR><TD><b>Housing expenses </b> </TD><TD>HOUSING_EXPENSES HOUSING_EXPENSES_UNIT</TD></TR> <TR><TD><b>Mortgage insurance </b> </TD><TD>MORTGAGE_INSURANCE MORTGAGE_INSURANCE_UNIT</TD></TR> </TABLE></TD></TR></TABLE></CENTER> <P><CENTER><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TD COLSPAN=3><CENTER><B>Current Monthly Liabilities</B></CENTER></TD></TR> <TR><TD><b>&NBSP;</b> </TD><TD><b>Borrower</b></TD><TD><b>Co-borrower</b></TD></TR> <TR><TD><b>Auto loans </b> </TD><TD> AUTO_LOANS </TD><TD> COBORROWER_AUTO_LOANS </TD></TR> <TR><TD><b>Credit cards </b> </TD><TD> CREDIT_CARDS </TD><TD> COBORROWER_CREDIT_CARDS </TD></TR> <TR><TD><b>Installment loans </b> </TD><TD> INSTALLMENT_LOANS </TD><TD> COBORROWER_INSTALLMENT_LOANS </TD></TR> <TR><TD><b>Student loans </b> </TD><TD> STUDENT_LOANS </TD><TD> COBORROWER_STUDENT_LOANS </TD></TR> <TR><TD><b>Alimony & child support </b> </TD><TD> ALIMONY_CHILD_SUPPORT </TD><TD> COBORROWER_ALIMONY_CHILD_SUPPORT </TD></TR> <TR><TD><b>Other loans </b> </TD><TD> OTHER_LOANS </TD><TD> COBORROWER_OTHER_LOANS </TD></TR> <TR><TD><b>Other </b> </TD><TD> OTHER_LIABILITY </TD><TD> COBORROWER_OTHER_LIABILITY </TD></TR> </TABLE></TD></TR></TABLE></CENTER> <P> <H1>Qualify Calculation</H1><P>Your LOAN_PITI monthly housing payment (PITI) is calculated by taking the higher of these two calculations:<BR><BR> <CENTER> <TABLE width=80%> <TR><TD>1. Monthly PITI/ LOW_DEBT_PITI_RATE = monthly required income</TD></TR> <TR><TD>&NBSP;&NBSP;&NBSP;&NBSP;Which is: LOAN_PITI / LOW_DEBT_PITI_RATE = YOUR_INCOME_LOW<BR><BR></TD></TR> <TR><TD>2. (Monthly PITI + Monthly Liabilities) / HIGH_DEBT_PITI_RATE = Monthly required income</TD></TR> <TR><TD>&NBSP;&NBSP;&NBSP;&NBSP;Which is: (LOAN_PITI + MONTHLY_LIABILITIES) / HIGH_DEBT_PITI_RATE = YOUR_INCOME_HIGH</TD></TR> </TABLE> <BR> </CENTER> <DIV class=large>Required Income for a Range of Interest Rates</DIV> <HR SIZE=1> **REPEATING GROUP** <BR> <HR SIZE=1> <CENTER><P class=footer> Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </P></CENTER><br><br> </BODY> </HTML> "> <H1><CENTER>This Financial Calculator requires SUN's Java"! Plug-in. If you see this message you will need to download SUN's Java"! Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing  Install ActiveX Control . </CENTER></H1> <OL> You can also get SUN's Java"! Plug-in here: <A href="http://www.java.com/en/download/download_the_latest.jsp" target=_blank><b>Get the Java"! Plug-in!</b></A> <P>For more information about this Plug-in please visit: <A href="http://www.dinkytown.net/money/sunjvm.html" target=_blank><b>SUN's Java"! Plug-in</b></A> <BR>For more information these financial calculators please visit: <A href="http://www.dinkytown.net" target=_blank><b>Financial Calculators from KJE Computer Solutions, LLC</b></A> </OL><!--[if IE]></OBJECT><![endif]--><![if !IE]></APPLET><![endif]> </CENTER> <center style=" margin-top:10px;"> <input type="button" onclick="document.calculator.calculate()" name="btnCallCalc" value="Calculate"> <input type="button" onclick="openNote()" name="btnOpenNote" value="View Report"> </center> <h4>Definitions</h4> <strong>Desired mortgage amount</strong><br /> The total loan amount you are looking to qualify for. <br /><br /> <strong>Monthly housing expenses</strong><br /> Your monthly housing expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment. <br /><br /> <strong>Monthly liabilities</strong><br /> Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI. <br /><br /> <strong>Monthly housing payment (PITI)</strong><br /> This is your total Principal and Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations: <br /> Monthly Income X 28% = monthly PITI <br /> Monthly Income X 36% - Other loan payments = monthly PITI <br /><br /> <strong>Maximum principal and interest (PI)</strong><br /> This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for. <br /><br /> <strong>Start interest rates at</strong><br /> The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount. <br /><br /> <strong>Term in years</strong><br /> The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years. <br /><br /> <span class="note">Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.</span>