MLS Mortgage Group

MLS Mortgage Group
Phone: 612.789.LOAN (5626)
FAX: 612.781.7920
Info@MLSMortgageGroup.com

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How Much Income Do You Need To Qualify?

Do you want to if your income qualifies you for the home you want? Simply fill in the fields below and click the "Calculate Now!" button. Your results will appear below.

Desired Mortgage Amount:
$
Mortgage Length:
years
Interest Rate:
%
Expected Annual Tax:
$
Total Monthly Payments: (non-mortgage debt)
$
 
 
Results:
Monthly Principle + Interest:
$
Total Housing Payment:
$
Required Salary:
$

 

Your salary must meet the following two conditions:

  1. Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
  2. Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments