Photo by Miller Photography

Mortgage Qualification

As a guideline, the required monthly salary should meet the following two conditions:

  1. The monthly salary should be greater than 28 percent of the sum of the monthly mortgage and monthly tax payments.
  2. The monthly salary should be greater than 38 percent of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

Example
Mortgage
Number of
Years
Interest
Rate (%)
Property Taxes
Other Debt
100000
30
8.5
4000
5000
Please Calculate
Desired
Mortgage
Number of
Years
Current
Interest Rate
Property
Taxes
Other Debt
Summary
Monthly
Mortgage (only)
Payments
Monthly
Total
Payments
Required
Yearly
Salary

DISCLAIMER
Calculations by this tool are believed to be accurate but is not guaranteed by Gustafson Real Estate. Any redistribution of information found at this page is strictly prohibited.