Mortgage Income Calculator - NerdWallet

# How much do I earn on house 2, Tips and tools to calculate the cost of your home sale

### How much house can you afford?

It uses five numbers - home price, down payment, loan term, interest rate and your total debt payments - to deliver an estimate of the salary you need to buy your home. After those first five inputs, you can answer optional questions see below to refine your result. Required income Your debt and salary limit what you can afford Besides showing you how much income you need to afford the home you want, this calculator also shows how your debts can compromise your chance for a mortgage.

You can see how paying down debts directly affects your buying power.

The fewer debts you have, the more of your salary can go toward the home, allowing you to afford a more expensive property. At the same time, more debts mean less money available, based on your current salary, to pay for - and qualify for - the home you want. You can use this calculator to visualize how a higher or lower salary could change your ability to afford the home of your dreams.

What if you got a raise?

Or took a weekend job? You can vividly see how you could afford different homes with more income, or less.

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This Mortgage Income Calculator will show some people that buying, at least at this point, is not within their grasp and offer an understanding of what financial obstacles stand in the way. This calculator may show you that not enough down payment is your problem.

### Mortgage Affordability Calculator

Perhaps you simply need to earn more to buy the home you want and need. Or, if you reassess your ambitions, can you afford a less-expensive home?

Private mortgage insurance The calculator does not include costs for private mortgage insurance. PMI is based on the down payment, credit score and type and size of a mortgage.

Rule of thumb: Plan on paying from about 0. Here are two ways to include an estimated PMI cost into your home purchase calculations: Use a mortgage calculator.

### Mortgage Income Calculator

You can calculate the monthly payment, including PMI, by entering your details into our Mortgage Calculator.

Estimate a low and high range of PMI payments. For the low payment, multiply your loan amount by 0. For the high payment, multiply the loan amount by 2.