Polly has earned prestigious CRS and GRI professional designations, and San Jose Magazine included Polly in its TOP 5% REALTORS IN SILICON VALLEY!
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Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
How Much Should Your Income Be?
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.
Definitions
Desired mortgage amount
The total loan amount you are looking to qualify for.
Monthly housing expenses
Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.
Monthly liabilities
Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.
Monthly housing payment (PITI)
This is your total Principal, 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:
Monthly Income X 28% = monthly PITI
Monthly Income X 36% - Other loan payments = monthly PITI
Maximum principal and interest (PI)
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.
Start interest rates at
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.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.
Jim & Polly Eagle, GRI, CRS, and Teri Fortino Coldwell Banker Residential Real Estate 950 Tennant Station Morgan Hill CA 95037 Eagle/Fortino Office: 408 778-6499 Toll Free: 888 778-6499 Cell: 408 718-7712 Fax: 408 778-7851 Eagle/Fortino email:: jpeagle@garlic.com
The Eagles are in the top 1% of the 60,000 Coldwell Banker agents nationwide. Both are associated with Coldwell Banker Real Estate, a large international firm and the largest real estate firm in the United States. The Eagles have combined real estate experience of more than 50 years and use every up-to-date tool to assist their customers and clients. Polly is
GRI, CRS certified and a Relocation Specialist. Highly equipped to guide you through all of your real estate needs, don't hesitate to call or email them!
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Jim and Polly Eagle NUMBER1EXPERTS™ in real estate for
Morgan Hill, San Martin and Gilroy, California
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