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Income Qualification Calculator

Need to know how much money you need to earn to purchase the house of your dream? This calculator will help you figure this out.

Input
Property Info
Home Value ($)
Loan Info
Downpayment
Interest (%)
Loan Length (Yrs)
Estimated Front Ratio (%)
Estimated Back Ratio (%)
Taxes and Insurance
Annual Property Taxes
Annual Insurance
Annual PMI
Financial Analysis
Monthly Payment $1,403.71
Monthly Property Taxes $250.00
Monthly Insurance $125.00
Loan to Value 90.000%
Months with PMI 93
Monthly PMI $93.75
Total Monthly Payment $1,872.46
Allowable Debt Payment $1,486.08
Required Income $6,687.35

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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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
 
"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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