To calculate the mortgage amount for which you qualify:
Mortgage Amount	$ __________
Add monthly principal and interest payment from chart on next section.	$ __________
Add monthly real estate tax:	$ __________
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 the lending institutions and types of financing. Yearly Income required to qualify (from chart below).

Gross Yearly Income $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 $55,000 $60,000 $65,000 $70,000 $75,000 $80,000 $85,000 $90,000 $95,000 $100,000

25% of Gross Monthly Income $313 $417 $521 $625 $729 $833 $938 $1042 $1146 $1250 $1354 $1458 $1563 $1667 $1771 $1875 $1979 $2083

28% of Gross Monthly Income $350 $467 $583 $700 $817 $933 $1050 $1167 $1283 $1400 $1516 $16332 $1750 $1867 $1983 $2100 $2217 $2333

33% of Gross Monthly Income $413 $550 $688 $825 $963 $1100 $1238 $1375 $1513 $1650 $1788 $1925 $2962 $2200 $2338 $2475 $2613 $2750

36% of Gross Monthly Income $450 $600 $750 $900 $1050 $1200 $1350 $1500 $1650 $1800 $1950 $2100 $22502 $2400 $2550 $27005 $2850 $3000

Feedback | Buyer & Seller Guide | Listings | Web Links | Mission Statement Send E-mail to bob@ecr.net Bob Harrod Re/Max Stars 710 S. Main Street Mount Vernon, Oh 43050 740-392-7000 Copyright ©1998 Bob Harrod/Re/Max Stars.... Designed, produced by ECR