Qualification Calculator

Purchase Price ($): Term (years): Down Payment ($): Interest Rate (%): Annual Homeowner Insurance ($): Annual Property Tax ($): Monthly Auto Payments ($): Monthly Credit Card Payments ($): Monthly Student Loan Payments ($): Monthly HOA Fee ($):

Results

Qualifying Salary (Conventional): $0

Qualifying Salary (FHA): $0

Monthly Principal & Interest: $0

Monthly Insurance: $0

Monthly Tax: $0

Monthly HOA: $0

Total Monthly Payment: $0

FYI – Calculation Logic:

Conventional Loan: The housing expense (Principal, Interest, Taxes, Insurance, HOA) should be around 28% of your gross monthly income. The total monthly debt (including all debts like auto, credit cards, etc.) should not exceed 36% to 45% of your income.

FHA Loan: FHA allows for a housing expense ratio up to 31% of your gross monthly income, and the total debt ratio can go as high as 43%, with potential allowances for up to 50% in some cases.

Property Taxes: In Illinois, the average property tax rate is approximately 2.1% of the home’s assessed value. We estimate taxes based on this rate unless otherwise specified in the input.