Envision Mortgage Solutions. Go ahead...Envision a better life!

708-597-8884 - S.W.
847-709-2005 - N.W.
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Definitive information about Home Buying, Mortgages, Credit and Financial Recovery.

Get information & straight answers to all of your mortgage questions, no fluff, no hype, no pressure.

 

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Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live.
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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee and a local Chicagoland company to provide personal service:

Crestwood Office
4731 Midlothian Tpke #32
Crestwood, IL 60445
[708] 597-8884
[contact us] [directions]

Licensed with the Illinois Department of Financial & Professional Regulation # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Professionals www.iamp.biz, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State.

Licensed by the Commissioner of the Indiana Securities Division # 05-0413 LB and is a broker in good standing in accordance with the provisions of Indiana Code 23-2-5.

How much Income do I need to qualify ?
 
Property Information
 Selling Price
 Monthly Taxes
 Monthly Hazard Ins
Estimate Taxes and Insurance 		Mortgage Information
 Down Payment
 Interest Rate
 Term in Years
 Front Ratio(%)
 Back Ratio(%)
 

 
Instructions
Enter the price and down payment amount for the property. Enter the initial expected rate and length of the mortgage.

Results
Property Selling Price: $250,000.00
Down Payment: $50,000.00
Loan Amount: $200,000.00
 
Principal and Interest: $1,199.10
Monthly Taxes: $229.17
Monthly Hazard Insurance: $125.00
Monthly Mortgage Insurance: $0.00
Total Mortgage Payment: $1,553.27
 
Income Needed for Payment: $5,177.56
Allowable Debt Payments: $310.65

Explanation

Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%, or (1,553.27 / 5,177.56). The housing expense, or front ratio, compares your total mortgage payment to your monthly income.

The total debt expense ratio (or back ratio) is 36%, or [(1,553.27 + 310.65) / 5,177.56]. This total debt expense, or back ratio, compares your total monthly obligations including your total mortgage payment to your monthly income.

You may enter specific information about your annual taxes and hazard insurance, or may select the box to have this calculator estimate your annual taxes and insurance. Any fields you leave blank will be assumed to be zero. In either case, the results displayed above are only estimates of the amount of income you may need to qualify for a loan in the amount you enter. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.

 
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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee.