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—Mortgage Qualification Calculator—
Mortgage/Loan Amount:
Repayment Period-Years:
Interest Rate (%):
Annual Tax Amount:
Annual Hazard Insurance:
P & I
= Principal and Interest
PITI
= Principal, Interest, Tax, Insurance
Note:
Annual required income is the minimum that meets the following criteria:
The monthly mortgage payment (principal, interest, taxes, insurance)is 28% of monthly gross income (
Annual Required Income
).
Monthly total outstanding debt (including the mortgage payment)cannot exceed 36% of gross monthly income.
– Summary –
Monthly P&I
Total PITI
Annual Required Income
Calculations made by this tool are for reference purposes only.
The calculations are believed to be accurate but no warranty is given or implied.
Please consult a lender to be pre-qualified prior to looking for a home.
Percentages used for Housing and Debt-to-Income Ratios are for conventional mortgage loans and are flexible.
FAX: 407.464.9199
BarbaraMary Ann