How Much Income do I Need in Order to Qualify?

Input Information
Property Information
Home Value : ($)
Loan Information
Down Payment :
Interest Rate : (%)
Length : (Yrs)
Estimated Front Ratio : (%)
Estimated Back Ratio : (%)
Taxes And Insurance Information
Annual Taxes :
Annual Insurance :
Annual PMI :
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Name :
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Thanks for using our calculation tools. Your results appear below. Click the heading in the next section to switch between plain English and financial views. Do you have questions or feedback? Contact us.

Financial Analysis (Switch to Plain English)
Monthly Principal & Interests : $1,465.96
Monthly Real Estate Taxes : $250.00
Monthly Insurance : $125.00
Loan To Value Ratio : 90.00%
Months With PMI : 79
Monthly PMI : $112.50
Total Monthly Payments : $1,953.46
Allowable Debt Payments : $1,085.26
Required Income : $6,511.55
Plain English Help (Switch to Financial Analysis)

If you have finally found your dream home and you haven’t pre-qualified for a loan yet in order to see how much you can afford when it comes to buying your home, you can work backwards instead. By plugging in certain information, such as the cost of the home, how much the interest rate on the loan is likely to be, and how much you will pay as a down payment, you can determine how much your income will need to be to qualify for the mortgage loan on the home you love.

For example, if the home you are looking at costs $300,000.00 and you plan to put $30,000.00 down on a 30 year loan with a 5.100% interest rate, your total payment on the principal and interest will be $1,465.96. If your annual property taxes are $3,000.00 and your annual insurance is $1,500.00, that will bring your total monthly payment to $1,953.46. With a monthly payment of this amount, your total gross monthly income will need to be at least $6,511.55 in order to qualify for the loan.

Estimated front and back ratios helps you to limit your housing and necessary living spending.

Front ratio is a percentage of your gross income that you can spend on all housing related expenses, including property taxes and insurance. Back ratio is a percentage of your gross income that you can spend on your housing expenses plus cost of shelter: food, clothes, gas, etc.

Front / back ratios with values of 28-33 / 36-42 considered conservative these days, values bigger than 35 / 45 called aggressive and not recommended for use.

Payment Schedule
No Interests Principal Balance
1 1,147.50 318.46 269,681.54
2 1,146.15 319.82 269,361.72
3 1,144.79 321.18 269,040.54
4 1,143.42 322.54 268,718.00
5 1,142.05 323.91 268,394.09
6 1,140.67 325.29 268,068.80
7 1,139.29 326.67 267,742.12
8 1,137.90 328.06 267,414.06
9 1,136.51 329.45 267,084.61
10 1,135.11 330.85 266,753.75
11 1,133.70 332.26 266,421.49
12 1,132.29 333.67 266,087.82
1 Yr

---
13,679.39

---
3,912.18

 
13 1,130.87 335.09 265,752.73
14 1,129.45 336.52 265,416.21
15 1,128.02 337.95 265,078.27
16 1,126.58 339.38 264,738.89
17 1,125.14 340.82 264,398.06
18 1,123.69 342.27 264,055.79
19 1,122.24 343.73 263,712.06
20 1,120.78 345.19 263,366.87
21 1,119.31 346.66 263,020.22
22 1,117.84 348.13 262,672.09
23 1,116.36 349.61 262,322.48
24 1,114.87 351.09 261,971.39
2 Yr

---
13,475.14

---
4,116.43

 
25 1,113.38 352.59 261,618.80
26 1,111.88 354.08 261,264.72
27 1,110.38 355.59 260,909.13
28 1,108.86 357.10 260,552.03
29 1,107.35 358.62 260,193.41
30 1,105.82 360.14 259,833.27
31 1,104.29 361.67 259,471.60
32 1,102.75 363.21 259,108.38
33 1,101.21 364.75 258,743.63
34 1,099.66 366.30 258,377.33
35 1,098.10 367.86 258,009.47
36 1,096.54 369.42 257,640.04
3 Yr

---
13,260.23

---
4,331.35

 
37 1,094.97 370.99 257,269.05
38 1,093.39 372.57 256,896.48
39 1,091.81 374.15 256,522.32
40 1,090.22 375.74 256,146.58
41 1,088.62 377.34 255,769.24
42 1,087.02 378.95 255,390.29
43 1,085.41 380.56 255,009.74
44 1,083.79 382.17 254,627.56
45 1,082.17 383.80 254,243.77
46 1,080.54 385.43 253,858.34
47 1,078.90 387.07 253,471.27
48 1,077.25 388.71 253,082.56
4 Yr

---
13,034.09

---
4,557.48

 
49 1,075.60 390.36 252,692.20
50 1,073.94 392.02 252,300.17
51 1,072.28 393.69 251,906.48
52 1,070.60 395.36 251,511.12
53 1,068.92 397.04 251,114.08
54 1,067.23 398.73 250,715.35
55 1,065.54 400.42 250,314.93
56 1,063.84 402.13 249,912.80
57 1,062.13 403.83 249,508.97
58 1,060.41 405.55 249,103.42
59 1,058.69 407.27 248,696.14
60 1,056.96 409.01 248,287.13
5 Yr

---
12,796.15

---
4,795.43

 
61 1,055.22 410.74 247,876.39
62 1,053.47 412.49 247,463.90
63 1,051.72 414.24 247,049.66
64 1,049.96 416.00 246,633.65
65 1,048.19 417.77 246,215.88
66 1,046.42 419.55 245,796.34
67 1,044.63 421.33 245,375.01
68 1,042.84 423.12 244,951.89
69 1,041.05 424.92 244,526.97
70 1,039.24 426.72 244,100.24
71 1,037.43 428.54 243,671.70
72 1,035.60 430.36 243,241.34
6 Yr

---
12,545.78

---
5,045.79

 
73 1,033.78 432.19 242,809.16
74 1,031.94 434.03 242,375.13
75 1,030.09 435.87 241,939.26
76 1,028.24 437.72 241,501.54
77 1,026.38 439.58 241,061.95
78 1,024.51 441.45 240,620.50
79 1,022.64 443.33 240,177.18
80 1,020.75 445.21 239,731.96
81 1,018.86 447.10 239,284.86
82 1,016.96 449.00 238,835.86
83 1,015.05 450.91 238,384.95
84 1,013.14 452.83 237,932.12
7 Yr

---
12,282.35

---
5,309.23

 
85 1,011.21 454.75 237,477.36
86 1,009.28 456.69 237,020.68
87 1,007.34 458.63 236,562.05
88 1,005.39 460.58 236,101.48
89 1,003.43 462.53 235,638.94
90 1,001.47 464.50 235,174.44
91 999.49 466.47 234,707.97
92 997.51 468.46 234,239.52
93 995.52 470.45 233,769.07
94 993.52 472.45 233,296.62
95 991.51 474.45 232,822.17
96 989.49 476.47 232,345.70
8 Yr

---
12,005.16

---
5,586.42

 
97 987.47 478.50 231,867.20
98 985.44 480.53 231,386.68
99 983.39 482.57 230,904.10
100 981.34 484.62 230,419.48
101 979.28 486.68 229,932.80
102 977.21 488.75 229,444.05
103 975.14 490.83 228,953.22
104 973.05 492.91 228,460.31
105 970.96 495.01 227,965.30
106 968.85 497.11 227,468.19
107 966.74 499.22 226,968.97
108 964.62 501.35 226,467.62
9 Yr

---
11,713.49

---
5,878.08

 
109 962.49 503.48 225,964.14
110 960.35 505.62 225,458.53
111 958.20 507.77 224,950.76
112 956.04 509.92 224,440.84
113 953.87 512.09 223,928.75
114 951.70 514.27 223,414.48
115 949.51 516.45 222,898.03
116 947.32 518.65 222,379.38
117 945.11 520.85 221,858.53
118 942.90 523.07 221,335.46
119 940.68 525.29 220,810.17
120 938.44 527.52 220,282.65
10 Yr

---
11,406.60

---
6,184.97

 
121 936.20 529.76 219,752.89
122 933.95 532.01 219,220.87
123 931.69 534.28 218,686.60
124 929.42 536.55 218,150.05
125 927.14 538.83 217,611.22
126 924.85 541.12 217,070.11
127 922.55 543.42 216,526.69
128 920.24 545.73 215,980.97
129 917.92 548.05 215,432.92
130 915.59 550.37 214,882.55
131 913.25 552.71 214,329.83
132 910.90 555.06 213,774.77
11 Yr

---
11,083.69

---
6,507.88

 
133 908.54 557.42 213,217.35
134 906.17 559.79 212,657.56
135 903.79 562.17 212,095.39
136 901.41 564.56 211,530.83
137 899.01 566.96 210,963.87
138 896.60 569.37 210,394.50
139 894.18 571.79 209,822.71
140 891.75 574.22 209,248.50
141 889.31 576.66 208,671.84
142 886.86 579.11 208,092.73
143 884.39 581.57 207,511.16
144 881.92 584.04 206,927.12
12 Yr

---
10,743.92

---
6,847.65

 
145 879.44 586.52 206,340.59
146 876.95 589.02 205,751.58
147 874.44 591.52 205,160.06
148 871.93 594.03 204,566.02
149 869.41 596.56 203,969.46
150 866.87 599.09 203,370.37
151 864.32 601.64 202,768.73
152 861.77 604.20 202,164.53
153 859.20 606.77 201,557.77
154 856.62 609.34 200,948.42
155 854.03 611.93 200,336.49
156 851.43 614.53 199,721.95
13 Yr

---
10,386.41

---
7,205.16

 
157 848.82 617.15 199,104.81
158 846.20 619.77 198,485.04
159 843.56 622.40 197,862.64
160 840.92 625.05 197,237.59
161 838.26 627.70 196,609.88
162 835.59 630.37 195,979.51
163 832.91 633.05 195,346.46
164 830.22 635.74 194,710.72
165 827.52 638.44 194,072.27
166 824.81 641.16 193,431.12
167 822.08 643.88 192,787.23
168 819.35 646.62 192,140.62
14 Yr

---
10,010.23

---
7,581.34

 
169 816.60 649.37 191,491.25
170 813.84 652.13 190,839.12
171 811.07 654.90 190,184.22
172 808.28 657.68 189,526.54
173 805.49 660.48 188,866.07
174 802.68 663.28 188,202.78
175 799.86 666.10 187,536.68
176 797.03 668.93 186,867.75
177 794.19 671.78 186,195.97
178 791.33 674.63 185,521.34
179 788.47 677.50 184,843.84
180 785.59 680.38 184,163.46
15 Yr

---
9,614.42

---
7,977.15

 
181 782.69 683.27 183,480.19
182 779.79 686.17 182,794.02
183 776.87 689.09 182,104.93
184 773.95 692.02 181,412.91
185 771.00 694.96 180,717.95
186 768.05 697.91 180,020.04
187 765.09 700.88 179,319.16
188 762.11 703.86 178,615.30
189 759.12 706.85 177,908.45
190 756.11 709.85 177,198.60
191 753.09 712.87 176,485.73
192 750.06 715.90 175,769.83
16 Yr

---
9,197.94

---
8,393.63

 
193 747.02 718.94 175,050.88
194 743.97 722.00 174,328.89
195 740.90 725.07 173,603.82
196 737.82 728.15 172,875.67
197 734.72 731.24 172,144.43
198 731.61 734.35 171,410.08
199 728.49 737.47 170,672.61
200 725.36 740.61 169,932.00
201 722.21 743.75 169,188.25
202 719.05 746.91 168,441.33
203 715.88 750.09 167,691.24
204 712.69 753.28 166,937.97
17 Yr

---
8,759.71

---
8,831.86

 
205 709.49 756.48 166,181.49
206 706.27 759.69 165,421.80
207 703.04 762.92 164,658.87
208 699.80 766.16 163,892.71
209 696.54 769.42 163,123.29
210 693.27 772.69 162,350.60
211 689.99 775.97 161,574.63
212 686.69 779.27 160,795.35
213 683.38 782.58 160,012.77
214 680.05 785.91 159,226.86
215 676.71 789.25 158,437.61
216 673.36 792.60 157,645.00
18 Yr

---
8,298.61

---
9,292.96

 
217 669.99 795.97 156,849.03
218 666.61 799.36 156,049.67
219 663.21 802.75 155,246.92
220 659.80 806.16 154,440.76
221 656.37 809.59 153,631.17
222 652.93 813.03 152,818.13
223 649.48 816.49 152,001.65
224 646.01 819.96 151,181.69
225 642.52 823.44 150,358.25
226 639.02 826.94 149,531.30
227 635.51 830.46 148,700.85
228 631.98 833.99 147,866.86
19 Yr

---
7,813.43

---
9,778.14

 
229 628.43 837.53 147,029.33
230 624.87 841.09 146,188.24
231 621.30 844.66 145,343.58
232 617.71 848.25 144,495.32
233 614.11 851.86 143,643.47
234 610.48 855.48 142,787.99
235 606.85 859.12 141,928.87
236 603.20 862.77 141,066.10
237 599.53 866.43 140,199.67
238 595.85 870.12 139,329.55
239 592.15 873.81 138,455.74
240 588.44 877.53 137,578.21
20 Yr

---
7,302.92

---
10,288.65

 
241 584.71 881.26 136,696.96
242 580.96 885.00 135,811.95
243 577.20 888.76 134,923.19
244 573.42 892.54 134,030.65
245 569.63 896.33 133,134.31
246 565.82 900.14 132,234.17
247 562.00 903.97 131,330.20
248 558.15 907.81 130,422.39
249 554.30 911.67 129,510.72
250 550.42 915.54 128,595.18
251 546.53 919.43 127,675.74
252 542.62 923.34 126,752.40
21 Yr

---
6,765.76

---
10,825.81

 
253 538.70 927.27 125,825.13
254 534.76 931.21 124,893.93
255 530.80 935.17 123,958.76
256 526.82 939.14 123,019.62
257 522.83 943.13 122,076.49
258 518.83 947.14 121,129.35
259 514.80 951.16 120,178.19
260 510.76 955.21 119,222.98
261 506.70 959.27 118,263.71
262 502.62 963.34 117,300.37
263 498.53 967.44 116,332.93
264 494.41 971.55 115,361.38
22 Yr

---
6,200.55

---
11,391.02

 
265 490.29 975.68 114,385.70
266 486.14 979.83 113,405.88
267 481.97 983.99 112,421.89
268 477.79 988.17 111,433.72
269 473.59 992.37 110,441.35
270 469.38 996.59 109,444.76
271 465.14 1,000.82 108,443.93
272 460.89 1,005.08 107,438.86
273 456.62 1,009.35 106,429.51
274 452.33 1,013.64 105,415.87
275 448.02 1,017.95 104,397.92
276 443.69 1,022.27 103,375.65
23 Yr

---
5,605.84

---
11,985.73

 
277 439.35 1,026.62 102,349.03
278 434.98 1,030.98 101,318.05
279 430.60 1,035.36 100,282.69
280 426.20 1,039.76 99,242.92
281 421.78 1,044.18 98,198.74
282 417.34 1,048.62 97,150.12
283 412.89 1,053.08 96,097.04
284 408.41 1,057.55 95,039.49
285 403.92 1,062.05 93,977.45
286 399.40 1,066.56 92,910.89
287 394.87 1,071.09 91,839.79
288 390.32 1,075.65 90,764.15
24 Yr

---
4,980.07

---
12,611.50

 
289 385.75 1,080.22 89,683.93
290 381.16 1,084.81 88,599.12
291 376.55 1,089.42 87,509.71
292 371.92 1,094.05 86,415.66
293 367.27 1,098.70 85,316.96
294 362.60 1,103.37 84,213.59
295 357.91 1,108.06 83,105.54
296 353.20 1,112.77 81,992.77
297 348.47 1,117.50 80,875.27
298 343.72 1,122.24 79,753.03
299 338.95 1,127.01 78,626.02
300 334.16 1,131.80 77,494.21
25 Yr

---
4,321.64

---
13,269.94

 
301 329.35 1,136.61 76,357.60
302 324.52 1,141.44 75,216.15
303 319.67 1,146.30 74,069.86
304 314.80 1,151.17 72,918.69
305 309.90 1,156.06 71,762.63
306 304.99 1,160.97 70,601.66
307 300.06 1,165.91 69,435.75
308 295.10 1,170.86 68,264.89
309 290.13 1,175.84 67,089.05
310 285.13 1,180.84 65,908.21
311 280.11 1,185.85 64,722.36
312 275.07 1,190.89 63,531.46
26 Yr

---
3,628.82

---
13,962.75

 
313 270.01 1,195.96 62,335.51
314 264.93 1,201.04 61,134.47
315 259.82 1,206.14 59,928.33
316 254.70 1,211.27 58,717.06
317 249.55 1,216.42 57,500.64
318 244.38 1,221.59 56,279.05
319 239.19 1,226.78 55,052.28
320 233.97 1,231.99 53,820.28
321 228.74 1,237.23 52,583.06
322 223.48 1,242.49 51,340.57
323 218.20 1,247.77 50,092.80
324 212.89 1,253.07 48,839.73
27 Yr

---
2,899.84

---
14,691.73

 
325 207.57 1,258.40 47,581.34
326 202.22 1,263.74 46,317.59
327 196.85 1,269.11 45,048.48
328 191.46 1,274.51 43,773.97
329 186.04 1,279.93 42,494.04
330 180.60 1,285.36 41,208.68
331 175.14 1,290.83 39,917.85
332 169.65 1,296.31 38,621.54
333 164.14 1,301.82 37,319.72
334 158.61 1,307.36 36,012.36
335 153.05 1,312.91 34,699.45
336 147.47 1,318.49 33,380.96
28 Yr

---
2,132.80

---
15,458.77

 
337 141.87 1,324.10 32,056.86
338 136.24 1,329.72 30,727.14
339 130.59 1,335.37 29,391.77
340 124.92 1,341.05 28,050.72
341 119.22 1,346.75 26,703.97
342 113.49 1,352.47 25,351.49
343 107.74 1,358.22 23,993.27
344 101.97 1,363.99 22,629.28
345 96.17 1,369.79 21,259.49
346 90.35 1,375.61 19,883.88
347 84.51 1,381.46 18,502.42
348 78.64 1,387.33 17,115.09
29 Yr

---
1,325.71

---
16,265.86

 
349 72.74 1,393.23 15,721.87
350 66.82 1,399.15 14,322.72
351 60.87 1,405.09 12,917.63
352 54.90 1,411.06 11,506.56
353 48.90 1,417.06 10,089.50
354 42.88 1,423.08 8,666.42
355 36.83 1,429.13 7,237.29
356 30.76 1,435.21 5,802.08
357 24.66 1,441.31 4,360.77
358 18.53 1,447.43 2,913.34
359 12.38 1,453.58 1,459.76
360 6.20 1,459.76 0.00
30 Yr

---
476.48

---
17,115.09

 
  Interests Principal  
Total 257,747.18 270,000.00 0.00
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

 




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