Buyer's Mortgage Qualification Guide
To calculate the mortgage amount for which you qualify:
1. Add monthly principal and interest payment from chart below: _________
2. Add monthly real estate tax: _________
3. Add monthly insurance payment: _________
TOTAL BASIC MONTHLY HOUSING COST _________
The total basic monthly housing cost is normally based on 25% to 28% of the gross monthly income depending on lending institutions and types of financing. From chart on right. _________
With debt service, the ratio becomes 33% to 36% From chart. _________
| Gross Yearly Income | 25% of Gross Monthly Income | 28% of Gross Monthly Income | 33% of Gross Monthly Income | 36% of Gross Monthly Income |
|---|---|---|---|---|
| $15,000 | $313 | $350 | $413 | $450 |
| $20,000 | $417 | $467 | $550 | $600 |
| $25,000 | $521 | $583 | $688 | $750 |
| $30,000 | $625 | $700 | $825 | $900 |
| $35,000 | $729 | $817 | $963 | $1,050 |
| $40,000 | $833 | $933 | $1,100 | $1,200 |
| $45,000 | $938 | $1,050 | $1,238 | $1,350 |
| $50,000 | $1,042 | $1,167 | $1,375 | $1,500 |
| $55,000 | $1,146 | $1,283 | $1,513 | $1,650 |
| $60,000 | $1,250 | $1,400 | $1,650 | $1,800 |
| $65,000 | $1,354 | $1,516 | $1,788 | $1,950 |
| $70,000 | $1,458 | $1,633 | $1,925 | $2,100 |
| $75,000 | $1,563 | $1,750 | $2,062 | $2,250 |
| $80,000 | $1,667 | $1,867 | $2,200 | $2,400 |
| $85,000 | $1,771 | $1,983 | $2,338 | $2,550 |
| $90,000 | $1,875 | $2,100 | $2,475 | $2,700 |
| $95,000 | $1,979 | $2,217 | $2,613 | $2,850 |
| $100,000 | $2,083 | $2,333 | $2,750 | $3,000 |
MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST MORTGAGE AMOUNT (based on 30 year term)
| Interest Rate |
Mo. Cost $1000 |
$5,000 | $10,000 | $25,000 | $50,000 | $100,000 | $150,000 | $200,000 | $300,000 | $500,000 |
|---|---|---|---|---|---|---|---|---|---|---|
| 12% | 10.29 | 51.44 | 102.87 | 257.16 | 514.31 | 1028.62 | 1542.93 | 2057.24 | 3085.86 | 5143.10 |
| 11.50% | 9.91 | 49.52 | 99.03 | 247.58 | 495.15 | 990.30 | 1485.45 | 1980.60 | 2970.90 | 4951.50 |
| 11% | 9.53 | 47.62 | 95.24 | 238.09 | 476.17 | 952.33 | 1428.50 | 1904.66 | 2856.99 | 4761.65 |
| 10.50% | 9.15 | 45.74 | 91.48 | 228.69 | 457.37 | 914.74 | 1372.11 | 1829.48 | 2744.22 | 4573.70 |
| 10% | 8.78 | 43.88 | 87.76 | 219.40 | 438.79 | 877.58 | 1316.37 | 1755.16 | 2632.74 | 4387.90 |
| 9.50% | 8.41 | 42.05 | 84.09 | 210.22 | 420.43 | 840.86 | 1261.29 | 1681.72 | 2522.58 | 4204.30 |
| 9% | 8.05 | 40.24 | 80.47 | 201.16 | 402.32 | 804.63 | 1206.95 | 1609.26 | 2413.89 | 4023.15 |
| 8.50% | 7.69 | 38.45 | 76.90 | 192.23 | 384.46 | 768.92 | 1153.38 | 1537.48 | 2306.76 | 3844.60 |
| 8% | 7.34 | 36.69 | 73.38 | 183.45 | 366.89 | 733.77 | 1100.66 | 1467.54 | 2201.31 | 3668.85 |
| 7.75% | 7.16 | 35.82 | 71.64 | 179.10 | 358.21 | 716.41 | 1074.62 | 1432.82 | 2149.24 | 3582.06 |
| 7.50% | 6.99 | 34.96 | 69.92 | 174.80 | 349.61 | 699.21 | 1048.82 | 1398.43 | 2097.64 | 3496.07 |
| 7.25% | 6.82 | 34.11 | 68.22 | 170.54 | 341.09 | 682.18 | 1023.26 | 1364.35 | 2046.53 | 3410.88 |
| 7% | 6.65 | 33.27 | 66.53 | 166.33 | 332.65 | 665.30 | 997.95 | 1330.60 | 1995.91 | 3326.51 |
| 6.75% | 6.49 | 32.43 | 64.86 | 162.15 | 324.30 | 648.60 | 972.90 | 1297.20 | 1945.79 | 3242.99 |
| 6.50% | 6.32 | 31.60 | 63.21 | 158.02 | 316.03 | 632.07 | 948.10 | 1264.14 | 1896.20 | 3160.34 |
| 6.25% | 6.16 | 30.79 | 61.57 | 153.93 | 307.86 | 615.72 | 923.58 | 3231.43 | 1847.15 | 3078.59 |
| 6% | 6.00 | 29.98 | 59.96 | 149.89 | 299.78 | 599.55 | 899.33 | 1199.10 | 1798.65 | 2997.75 |
| 5.75% | 5.84 | 29.20 | 58.40 | 146.00 | 292.00 | 584.00 | 876.00 | 1168.00 | 1752.00 | 2920.00 |
| 5.50% | 5.68 | 28.40 | 56.80 | 142.00 | 284.00 | 568.00 | 852.00 | 1136.00 | 1704.00 | 2840.00 |
| 5.25% | 5.52 | 27.60 | 55.20 | 138.00 | 276.00 | 552.00 | 828.00 | 1104.00 | 1656.00 | 2760.00 |
| 5% | 5.37 | 26.85 | 53.70 | 134.25 | 268.50 | 537.00 | 805.00 | 1074.00 | 1611.00 | 2685.00 |
| 4.75% | 5.22 | 26.10 | 52.20 | 130.50 | 261.00 | 522.00 | 783.00 | 1044.00 | 1566.00 | 2610.00 |
| 4.50% | 5.07 | 25.35 | 50.70 | 126.75 | 253.50 | 507.00 | 760.50 | 1014.00 | 1521.00 | 2535.00 |
| 4.25% | 4.92 | 24.60 | 49.20 | 123.00 | 246.00 | 492.00 | 738.00 | 984.00 | 1476.00 | 2460.00 |
| 4% | 4.77 | 23.85 | 47.70 | 119.25 | 238.50 | 477.00 | 715.50 | 954.00 | 1431.00 | 2385.00 |