Texas First Title Company L.L.C.


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Mortgage Qualification Calculator
Calculates the income required to qualify for the selling price of a home.

Property Information
Sale Price of Home:	$
Annual home insurance	$
Annual property tax:	$

Estimate Taxes and Insurance

Mortgage Information
Down Payment :	$
Interest Rate:		%
Term in Years	$	years
Monthly debt (car, credit cards, etc):	$



Your Results
Mortgage:		$150,000.00
Monthly payment:		$1,100.65
PI ($1,101) + Hazard Insurance ($0) + Property Tax ($0)
Monthly PMI payment:		$112.50
Total monthly debt payment:		$1,100.65
PITI ($1,101) + Debt ($0) + PMI($113)
28% Qualifying income:		$51,992.01
36% Qualifying income:		$40,438.23
Minimum Qualifying income:		$51,992.01

Explanation
PMI (Private Mortgage Insurance) appears above since your down payment is less than 20% of your home value. You may be required to pay an extra 0.90% a year until the 20% criteria is met. Your Loan to Value(LTV) was calculated at 100.0% imposing a 0.90% PMI. PMI is also added to the income requirement. The Front End Ratio (28%) income is based on PITI (Principal + Interest + Tax + Insurance) or more specifically, the mortgage principal plus interest amount plus your monthly property tax and home insurance the lender typically holds in an escrow account for you. This monthly amount is listed above as Total monthly lender payment. The Back End Ratio (36%) income is based on the PITI (Principal + Interest + Monthly Property Tax + Monthly Home Insurance + Monthly Debt). This total amount is the sum described above as Total monthly debt payment. As long as your total income (salary + interest income + dividend income) meets ONE of the two incomes you will probably qualify, and if you meet both then getting a loan based on income is good..

The results of this calculation are not binding and in no way constitute an offer to extend credit. Calculator Disclaimer