Affordability Mortgage Calculator - How Much Income Do You Need to Qualify?

Mortgage Calculator Resource For Those Buying or Refinancing A Home...

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	Payment Calculator

	This highly accurate mortgage payment calculator includes Taxes, insurance and PMI
	Affordability Calculator

	This mortgage calculator will determine how much money you need to make in order to qualify for a specific loan amount
	Cost of Ownership

	This Real Estate Calculator will help you determine the real annual cost of owning a home
	Rent vs Buying

	The Real Estate Calculator helps you compare the real cost benefits of renting versus buying a home
	Cost of Living Calculator

	This calculator adusts costs of living in areas through out the country so that you can compare the real costs of moving from one location to another
	Comparison Calculator

	This mortgage calculator allows you to compare up to 4 mortgage offers at the same time
	Principal Calculator

	This mortgage calculator allows you to see how your principal balance changes over the course of time. You can even add 'extra' payments each month or year to see how that will change your balance and the pay-off date
	Refinancing Calculator

	This mortgage calculator compares your existing loan to a new mortgage offer to determine if it makes sense for you to refinance

Affordability Calculator

1. Desired Loan Amount:
2. Mortgage Term:	Years
3. Interest Rate:	%
4. Annual Property Taxes:
5. Total Monthly Payments in Non-Mortgage Debt (car payments, credit cards, etc).

Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary
IMPORTANT NOTE: This calculator assumes that you are utilizing the services of a Mortgage Broker and not a a National Bank. The difference is that most National Banks have the following guidelines: 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 36% of the sum of the monthly mortgage, monthly tax and other monthly debt payments. Mortgage Brokers use the services of Lenders that allow you to borrow up to (and beyond) 40% of your gross income (instead of just 36%). Furthermore, the calculations above are based upon conventional program guidelines. There are 'Non-Conventional' programs available (such as Stated Income Loans, No Doc/No Ratio Loans & No Income No Asset Loans) that may help you qualify for a greater loan amount. We highly recommend using a respected Mortgage Brokerage to ensure that all of these programs are available to help you qualify for your new home.

If you would like to have a loan professional review your information in order to provide an accurate prequalification please CLICK HERE

You can also use this helpful morgage affordability calculator to determine comfortable payments.

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