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Here's a simple mortgage pre-qualification tool you can use to estimate the required annual gross income for a new home. Just enter the mortgage amount, the payback period, the interest rate, the annual property taxes, and the monthly amount of other debts you have and press the Compute button. This tool is for estimation purposes only.

1. The sum of the monthly mortgage payment and monthly property tax payments should not be more than 29% of your monthly gross income.
   
2. The sum of the monthly mortgage payment, monthly property tax payment, and all other monthly debt payments should not be more than 40% of your monthly gross income.

Mortgage Amount		Mortgage amount for your new home
Years for Mortgage		Total number of years for mortgage
Annual Interest Rate (%)		Annual interest percentage rate for mortgage
Taxes & Insurance		Annual property taxes and property insurance for your new home
Other Monthly Debt Payments		Other debt payments (car, credit cards) on a monthly basis

Summary

Monthly Mortgage Payment	Monthly Property Tax Payment	Total Monthly Debt Payments	Required Annual Gross Salary

 

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