Estimated Results
Estimated Gross Monthly Income Needed (Conventional Scenario — 28% / 36%): —
Estimated Gross Monthly Income Needed (FHA Scenario — 31% / 43%): —
Monthly Principal & Interest: —
Monthly Homeowners Insurance: —
Monthly Property Tax: —
Monthly HOA: —
Estimated Total Monthly Housing Payment (Excludes Mortgage Insurance and Program Fees): —
How the Estimate Is Calculated
Conventional scenario: Uses illustrative limits of 28% for housing expenses and 36% for housing expenses plus the monthly debts entered. Required gross monthly income is the greater of housing expenses divided by 0.28 or total monthly debt expenses divided by 0.36.
FHA scenario: Uses illustrative limits of 31% for housing expenses and 43% for housing expenses plus the monthly debts entered. Required gross monthly income is the greater of housing expenses divided by 0.31 or total monthly debt expenses divided by 0.43.
Payment calculation: Assumes a fixed-rate, fully amortizing loan. The loan amount is the purchase price minus the down payment. Annual property tax and homeowners insurance amounts entered are divided by 12. Monthly HOA is added directly. No automatic property tax rate is applied.
Estimate limitations: These ratios are calculation assumptions, not universal qualification requirements. Mortgage insurance, FHA premiums, program fees, closing costs, and debts not entered are excluded. These costs may increase the income needed. Actual qualification depends on the loan program and lender review. Example inputs are for illustration only. This calculator does not determine loan approval.