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Use
the
calculator
below
to
give
you
an
idea
of
how
much
of
a
mortgage
you
can
afford.
However,
it
is
meant
to
be
a
guideline,
not
a
rule.
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Desired
mortgage
amount:
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Mortgage
length (in
years)
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Total
monthly
payments
not
including
mortgage
(car,
loans,
credit
cards,
etc).
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●; |
Monthly
Principal +
Interest
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Total
Monthly
Obligations
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Required
Salary
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Listed below
are the basic
guidelines of
how our
industry
determines how
much of a
mortgage
payment you
qualify for.
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1. |
Your gross (before taxes) monthly salary should be greater than 28% of the sum of the monthly mortgage and monthly tax payments. |
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| 2. |
Your gross (before taxes) monthly salary should be greater than 36% of the sum of the monthly mortgage, monthly tax and other monthly debt payments. |
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